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10 things you need to know about mortgage brokers

For first-time buyers - or even those who are relocating - applying for a mortgage can seem incredibly daunting and overwhelming

Many are unsure where to turn, often choosing to go direct rather than seeking mortgage broker advice. However, mortgage advisors are well worth talking to - particularly as they can provide a whole market comparison, exclusive deals and, essentially, do all of the legwork. 

Mortgages can take up a large chunk of your monthly outgoings if you don’t get the best deal. As such, we are sharing the role of your advisor and the subsequent benefits of using a mortgage broker.

You're protected 

When you go direct, it’s up to you to compare the various mortgages and, eventually, settle on the best deal. However, mortgage broker advice is extremely beneficial as you are protected. Essentially, they have a duty of care to you and must justify why they believe this mortgage is suitable and in your best interests. If the advice is not appropriate, you could be compensated. Unfortunately, the same cannot be said for relying on your own knowledge of an industry that is over saturated with information.

They offer in-depth knowledge and experience

Many people ask ‘what is a mortgage advisor’ and the answer is pretty simple. They are a specialist advisor that searches the mortgage market for the best deal. And, the best mortgage brokers offer a wealth of advice and experience; they know the industry. Over the years, mortgage criteria has continually changed - encompassing brand-new developments. As such, you need advice that is up-to-date and in the loop, which is where the best mortgage brokers come in.

Mortgage broker advice is hugely advantageous as they will deal with lenders on a day-to-day basis and, therefore, know the different applications and processes for each one. Likewise, they can also bring their experience and connections to the table, which could help you obtain the mortgage.

Qualified mortgage advice

When you receive mortgage broker advice, he or she is providing financial advice on the most affordable deal; one that you could likely pay upwards of 30 years. Therefore, they must be fully trained and have qualifications to do so. With a mortgage broker on your side, they have a duty to provide the most suitable financial advice. As mentioned earlier, if they fail to do so, you have recourse to seek compensation. This is unlikely to be the case if you take out a mortgage direct and later decide it wasn’t the right option.

They are on your side

As mentioned above, the mortgage broker must offer the best solutions for your home and financial situation. It’s also important to remember that the mortgage broker is on your side. Independent mortgage brokers, for instance, offer unbiased advice and will provide you with access to substantially more offers than you would receive going direct. Essentially, you can choose from a range of lender deals and offers, as opposed to very few - or even one single deal - should you go direct.

Exclusive deals 

Another major benefit to mortgage broker advice is that they, likely, have relationships with many lenders and may even work exclusively with particular banks. Rather than suggesting they are biased, these exclusive deals can, in fact, help you qualify for mortgages you may not have received before. The relationships can certainly help see you save money and, of course, the hassle of contacting lenders yourself.

Whole market comparison 

While the primary objective of mortgage advisors is to guide you towards the best mortgage, it’s not just about that one step. Good mortgage broker advice will also include guidance on related life insurance, payment protection and even the likes of building and contents insurance. Their only concern is to find you the greatest deals, tailored to your specific situation. And, that may include other financial options and deals. 

Similarly, as mortgage deals are becoming harder to qualify for, the right mortgage broker advice may just ensure you get those deals. 

They can help you save a lot of money 

What is a mortgage advisor? Basically, their role is to save you money. They will scour the market for the best deals and even look out for other rates that you may not identify yourself; rates that could save you money in the future. Independent mortgage brokers can also look for the particular loopholes for the best mortgages and any hidden clauses, meaning they save you plenty of money in the long-term.

Local connections 

As mentioned earlier, the relationships mortgage brokers have with particular lenders can be hugely beneficial - especially when it comes to local connections. In some cases, they may even be able to get loan fees waived due to these relationships. It’s much better to have a mortgage broker on side, as opposed to doing it yourself. Working with mortgage advisors also provides you with that accessibility and one-on-one help you would not receive when working directly with a lender.

They do all of the work for you 

Of course, the primary benefit of using a mortgage broker is that they will do all of the work for you. Think of the mortgage advisors as your very own personal loan concierge. Not only could they save you money by negotiating a lower interest rate for your mortgage deal, but they are immensely valuable when it comes to processing the deal. 

If you choose not to use a mortgage broker, it can take hours - if not days - to apply for different loans. There is also the back and forth communication involved in these applications ensuring the process is on track. However, mortgage broker advice saves the hassle of dealing with these details, communicating with the lenders on your behalf.


We've touched on the convenience of seeking the advice of a mortgage broker, but there is more to it. A lot of the information and communication between you are your mortgage advisor can be done online, meaning you don't even have to leave the house. The ease of accessing this crucial information is more than worth it - especially when they take out the hassle of the application stages. 

How do they get paid?

When it comes to seeking a mortgage, the advice of a mortgage broker is a smart move. The access to offers and lenders, along with the wealth of industry information, can see you in a better financial position than without their guidance. 

When you do approach mortgage broker companies, you must understand that there are a number of ways in which they are paid. Mortgage broker fees encompass a fixed fee, in which the advisor will charge a fee at a fixed rate - applying to all services. Alternatively, their mortgage broker fees may be priced at an hourly rate, or even a percentage of your loan. For instance, a 1% fee on a mortgage worth £150,000 would see £1,500 going to the mortgage broker. In some cases, mortgage broker fees could include a combination of the above, or even be free if they are paid commission by the lender. 

How do I choose the right mortgage broker?

Do your research before opting for the right mortgage broker. Look for referrals and read up on their client’s previous experiences to ensure they can deliver the right solution. You need to know about their level of service and communication before going ahead, and referrals and testimonials can provide brilliant insights. 

Mortgage brokers can substantially cut the cost from your mortgage and identify hidden clauses that might be costing you a lot more than you think.

Alternatively, enter your postcode and look through our trusted range of mortgage brokers, providing you with the best advice for your new home. 

All of our mortgage brokers provide their services across the UK.

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