Buying a property or remortgaging can feel like trying to solve a puzzle with thousands of pieces.
With over 14,000 mortgage products on the market, each with different rates, terms and lending criteria, finding the right one is no small task. Many people go straight to one lender, only to discover later they could have secured a better deal elsewhere.
This is where mortgage brokers come in.
Unlike banks that only offer their own products, independent mortgage brokers can access the whole market to find the most suitable mortgage for your specific situation.
They handle the paperwork, speak to lenders on your behalf, and guide you through the entire process from application to completion.
But is using a mortgage broker really worth it? In this guide, we’ll explore ten compelling reasons why working with a mortgage broker could save you time, money and stress when securing your next mortgage.
What is a Mortgage Broker?
A mortgage broker acts as an intermediary between you and potential lenders, helping you find and apply for the most suitable mortgage.
There are three main types of mortgage brokers:
- Independent/whole-of-market brokers: These have access to most or all available mortgage products across the market
- Restricted brokers: These work with a panel of selected lenders
- Tied brokers: These only offer mortgages from a single lender
All mortgage brokers in the UK must be authorised and regulated by the Financial Conduct Authority (FCA), which ensures they maintain professional standards and provide appropriate advice.
When it comes to payment, some brokers charge a fee directly to you, while others receive commission from lenders and charge no fee to customers.
Many use a combination of both models. Always check the fee structure before agreeing to work with a broker, so you know exactly what you’re paying for their services.
Ten reasons why you should use an independent mortgage broker:
Access to a Wider Range of Mortgage Products
One of the biggest advantages of using a mortgage broker is access to a much broader range of products than you’d find by approaching lenders directly.
While your bank might offer 15-20 mortgage products, a whole-of-market broker can access thousands of different mortgages from over 100 lenders. This includes products from specialist lenders who don’t deal directly with the public and only accept applications through brokers.
For instance, if you’re looking for a mortgage of £500,000, a broker might find you a deal with a specialist lender that saves you 0.5% in interest compared to high street banks.
On a loan of that size, this could save you thousands of pounds each year.
Additionally, some lenders offer exclusive deals only available through brokers. These can include reduced fees, lower interest rates or more flexible lending criteria that aren’t available if you approach the lender directly.
Expert Advice Tailored to Your Situation
Brokers provide personalised advice based on your specific financial circumstances, needs and goals.
They take the time to understand your situation, including:
- Your income and employment status
- Your deposit size
- Your credit history
- Your future plans
- Your attitude to risk
Using this information, they can match you with lenders most likely to approve your application and offer favourable terms. This tailored approach is particularly valuable if your situation isn’t straightforward.
For example, if you’re self-employed, a broker will know which lenders offer the most flexible income assessment methods.
If you’re a contractor, they’ll know which lenders will consider your day rate rather than requiring years of accounts.
And if you’re a first-time buyer, they’ll guide you through the process step by step.
Support Throughout the Process
Applying for a mortgage involves gathering extensive documentation, filling out lengthy application forms, and communicating with various parties.
A mortgage broker handles much of this work for you, saving you considerable time and effort.
Brokers will:
- Help you gather the necessary documentation
- Complete and submit application forms
- Chase lenders for updates
- Liaise with solicitors and estate agents
- Keep you informed throughout the process
Without a broker, you might spend hours researching mortgages, calling lenders, and completing paperwork. A broker streamlines the process, often reducing the application-to-offer timeline by weeks.
Specialist Solutions for Non-Standard Situations
If your circumstances fall outside standard lending criteria, an experienced broker can be invaluable.
Brokers specialise in finding solutions for complex situations such as:
Self-employed applicants: If you work for yourself, many high street lenders may require at least two or three years of accounts. A broker can find lenders who will consider just one year of trading or use different income assessment methods.
Credit issues: A history of missed payments, CCJs or even bankruptcy doesn’t automatically disqualify you from getting a mortgage. Brokers know which lenders are more flexible with credit issues and how to present your case effectively.
Unusual properties: Non-standard construction types (like timber-framed houses, thatched cottages or concrete prefabs) can be difficult to mortgage through mainstream lenders. Brokers can find specialist lenders who understand these property types.
Professional mortgages: Some lenders offer enhanced terms for certain professions like doctors, accountants or solicitors. Brokers can help you access these deals.
Foreign income or expat mortgages: If you earn in a foreign currency or live abroad as an expat, a broker can connect you with lenders who specialise in these situations.
Mortgages for unusual occupations: If you’re a seafarer, oil rig worker or have another job that involves long periods away from home, a broker can find lenders who understand your employment pattern.
For example, Jake, a self-employed plumber with only 18 months of accounts, was told by his bank he’d need to wait another 6 months before applying. A broker found him a lender willing to consider his shorter trading history, allowing him to purchase his first home without delay.
Working For You
A good mortgage broker acts as your advocate, presenting your application to lenders in the best possible light. They understand what underwriters look for and can explain any unusual aspects of your situation effectively.
Brokers develop long-term relationships with lenders, giving them direct access to decision-makers rather than just call centre staff. This can be invaluable when your case needs special consideration.
For instance, a broker might be able to negotiate exceptions to standard lending criteria based on the strength of other aspects of your application. They might secure a higher loan amount than a lender’s standard income multiple would allow, or get fees reduced or waived in certain circumstances.
Independent and Impartial Advice
Unlike bank advisers who can only recommend their own products, independent mortgage brokers provide unbiased advice across the whole market.
They’re legally obligated to act in your best interests, not the lenders’.
This impartiality is particularly important because:
- They have no sales targets for specific products
- They can recommend any suitable mortgage from any lender
- They must be able to justify why a recommended product is right for you
This client-centred approach means you can trust that the advice you receive is focused on finding the best solution for your needs, not on meeting sales quotas or pushing particular products.
Can a Mortgage Broker Get You a Better Mortgage Deal?
With so many mortgage products available, finding the best deal yourself is nearly impossible. Read on to learn how mortgage brokers work and how they look after their clients.
Ongoing Support
Brokers provide ongoing support beyond just arranging your initial mortgage.
They’ll contact you before your fixed or discounted rate ends to discuss remortgaging options, potentially saving you from slipping onto a higher standard variable rate.
This long-term relationship can deliver significant benefits over time.
Your broker will already understand your circumstances and preferences, making future mortgage arrangements more straightforward. They’ll also be aware of changes in your situation that might affect your mortgage options.
For example, a broker might help you:
- Remortgage to release equity for home improvements
- Switch to a better deal when your current rate ends
- Adjust your mortgage if your circumstances change (like starting a family or changing jobs)
- Consider options if you want to move home
This ongoing support ensures your mortgage continues to meet your needs and remains competitive throughout your property ownership journey.
Clear Information
The mortgage industry is filled with jargon and complex products that can be difficult for the average person to understand.
Brokers translate this complexity into clear, understandable information.
They’ll explain:
- How different mortgage types work (fixed, tracker, discount, etc.)
- The implications of various features (offset facilities, overpayment allowances, etc.)
- The true cost of a mortgage beyond just the headline rate
- What the small print in mortgage offers actually means
This educational aspect helps you make informed decisions rather than being bamboozled by technical terms or misunderstanding important aspects of your mortgage agreement.
Avoiding Rejection
Each mortgage application you make is recorded on your credit file. Multiple applications, especially if they result in rejections, can negatively impact your credit score and make future applications more difficult.
Mortgage brokers help you avoid this issue by:
- Only recommending lenders likely to accept your application
- Pre-checking your eligibility before making formal applications
- Understanding each lender’s criteria in detail
- Knowing current lending appetites (which can change frequently)
This targeted approach significantly increases your chances of approval first time, protecting your credit score and avoiding the stress and delay of rejected applications.
Get the help and advice you need, plus access to over 100 different lenders
Award winning service
Independent mortgage advice
FCA Regulated
Cost-Effective Service
Many people assume using a broker will be expensive, but the reality is that broker services represent excellent value.
Even when fees are charged, the potential savings from finding a better mortgage deal typically far outweigh the cost. On a £500,000 mortgage, saving just 0.25% on your interest rate could mean paying over £1,250 less per year.
Beyond the direct financial savings, consider the value of:
- Time saved researching and applying for mortgages
- Stress reduction through expert guidance
- Having an expert set up your mortgage
- Access to exclusive deals not available directly
- Ongoing support throughout your mortgage term
When viewed as a complete package, mortgage broker services typically deliver substantial value relative to their cost.
Finding the Right Mortgage Broker
Now that you understand the benefits of using a mortgage broker, how do you find the right one?
Here are some tips:
- Look for whole-of-market brokers who can access the full range of mortgage products
- Check they’re FCA-regulated (you can verify this on the FCA Register)
- Ask about their fee structure upfront
- Read reviews or seek recommendations from friends and family
- Consider their experience with cases similar to yours
- Ensure you feel comfortable with their communication style
The right broker will be transparent about their services, responsive to your queries, and genuinely committed to finding the best mortgage solution for your needs.
Next Steps
From accessing a wider range of products to providing expert guidance through complex situations, mortgage brokers offer numerous advantages that can make your property purchase or remortgage smoother, faster and more cost-effective.
While not everyone needs a broker, most people benefit from their expertise, advice and market access.
This is particularly true if your situation has any complexity, you’re time-poor, or you simply want reassurance that you’re getting the best possible deal.
If you’re considering a mortgage application, speaking with an independent, whole-of-market broker could be the first step toward securing not just any mortgage, but the right mortgage for your unique circumstances.
At Respect Mortgages, we can put you in touch with trusted mortgage brokers who provide independent advice tailored to your needs. Contact us today to start your mortgage journey with expert support at your side.
Frequently Asked Questions
Yes, in most cases.
While your bank can only offer their own products, a whole-of-market broker can access thousands of mortgages from dozens of lenders. This broader selection often leads to finding more competitive rates, better terms, or more suitable products for your specific circumstances.
You’ll typically need to share ID documents, proof of address, bank statements (usually 3-6 months), proof of income (payslips or accounts if self-employed), details of any debts, and information about the property you want to buy.
Being prepared with these documents helps speed up the application process.
Absolutely.
Brokers specialise in knowing which lenders are more flexible with credit issues. They can match you with specialist lenders who consider the circumstances behind your credit problems rather than just the credit score itself, significantly improving your chances of approval.
No, brokers help all types of borrowers including first-time buyers, home movers, remortgagers, buy-to-let investors, and those looking for specialist mortgages.
Their expertise is valuable regardless of your property buying experience.
Yes, and it’s often particularly advisable.
Brokers can understand why your application was declined and find alternative lenders with criteria better suited to your circumstances. They might also suggest ways to strengthen your application before resubmitting.
Not necessarily.
While face-to-face meetings are an option, many brokers now operate effectively via phone, email, and video calls. This can be more convenient and allows you to access broker expertise regardless of your location or working patterns.
