Mortgage Brokers: Helping to find the best deal for you
Our guide takes a look at mortgage brokers, including some of the advantages of using one, as well as a list of some of our top brokers.
Key takeaways
A mortgage broker helps you find the best mortgage by searching across many lenders, saving you time and effort.
Brokers offer expert knowledge and access to a wider range of deals, potentially saving you money.
Be aware that not all brokers see all deals, so it's worth doing some of your own research too.
What are the advantages of using a mortgage broker?
Deciding whether to use a mortgage broker is a common consideration for many. Here are some of the top reasons why it may be worth it for you:
Saving time and stress: A significant advantage of using a broker is the time and stress they can save you. They handle everything from searching for a suitable deal to completing the application and communicating with the lender on your behalf. They can tell you which lenders are likely to accept you and advise on how to improve your application.
Securing better rates: A decent mortgage adviser can find the best mortgage for you. While it's not guaranteed they will always beat the best rates you can find yourself, they can potentially offer impactful financial savings through access to better loan rates and even fee waivers. Some mortgage products are only available via brokers. By using a broker, you cover a huge range of lenders.
Top mortgage brokers
Whether you're unsure how to start your mortgage journey, or simply want peace of mind to know you're doing the right thing, a mortgage broker can be helpful for a range of reasons. Take a look at some of the top mortgage brokers that we work with, split by the the type of broker.
Broker Type | Broker | Phone number |
|---|---|---|
Digital | ||
Remortgage | ||
New build | ||
Buy-to-let | ||
N. Ireland | ||
High net worth |
How to choose a mortgage broker
Choosing the right mortgage broker is crucial to a smooth and successful mortgage application. Here are some key things to consider:
A whole-of-market broker will be able to assess almost every available mortgage, meaning they can recommend the cheapest or most suitable deal for you, potentially saving you a lot of money. Be sure to ask if they can get you a mortgage from any UK lender. Some brokers are tied to a limited panel of lenders.
Some mortgages are only available if you apply directly to the lender, without a broker. Brokers are not obligated to tell you about these deals. It's worth asking your mortgage adviser if they will inform you about any direct deals that could be cheaper. You may need to do some of your own research in this area.
Most brokers work with customers in person or over the phone. However, there's a growing number of 'robo mortgage advisers' – web-based services that allow you to carry out some or all of the process online. Consider the pros and cons of each approach
All mortgage brokers must clearly outline their charges and any commission they receive from a lender before you enter into a contract with them. Ask what their fees are, how much they are, and when they expect to be paid. Some charge a flat fee, while others charge a percentage of the loan amount. Fee-free brokers typically earn commission from the lender.
Understand what is included in their service. For example, will they handle all the administration and chase lenders?
You are not tied to using a broker recommended by an estate agent. It's wise to talk to several brokers before deciding on one.
Look for a whole-of-market broker
Ask about direct-only mortgages
Consider which type of broker to use
Ask about fees and charges
Enquire about the service offered
Shop around
Do all mortgage brokers have access to the same deals?
No, not all mortgage brokers have access to the same mortgage deals. Here are some of the distinctions between the broker types.
• Tied vs. Whole-of-Market: Some brokers are 'tied' to a single lender or operate from a select 'panel' of lenders, limiting the deals they can offer. In contrast, whole-of-market brokers aim to assess every available mortgage.
• Bank/Building Society Advisers: Advisers based in a bank or building society will typically only tell you about their own product range.
• Direct-Only Deals: Some lenders offer mortgages exclusively to customers who apply directly to them, without using a broker. Brokers have no obligation to inform you about these 'direct-only' deals.
• Broker-Only Deals: Conversely, some mortgage deals are only available through mortgage brokers and cannot be accessed by applying directly to the lender.
• Exclusive Deals: Occasionally, lenders may arrange exclusive deals with certain broker networks or clubs that brokers can join. This means that even a whole-of-market broker might not have access to absolutely every single mortgage available.
Does my mortgage broker need to be local?
No, your mortgage broker does not necessarily need to be local. While some people prefer the option of meeting a broker in person, many brokers operate effectively over the phone or online. There are even fully online 'robo mortgage advisers'. Many top mortgage brokers have nationwide scope and offer services online and via phone. If you prefer a face-to-face service, you can search for local brokers. The most important factor is finding a qualified and trustworthy broker who can access the right mortgage deals for you, regardless of their location.
Compare mortgages with MoneySuperMarket
Using a mortgage comparison tool can help you get a good idea of the kind of mortgage deals available. When you enter your information into MoneySuperMarket’s mortgage comparison tool, you’ll be able to compare example mortgage quotes from different providers.
Just tell us a bit about yourself, your financial situation, and your plans. We’ll help you scour the market in search of the mortgage deal that is right for your pockets and requirements. Then, feel free to use our mortgage calculators to find out how much each deal would cost you overall.
For more information on selling your home privately check out our guide here.
Your home may be repossessed if you do not keep up repayments on your mortgage.