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Why should I use a mortgage broker instead of a bank?

Why should I use a mortgage broker instead of a bank?
Mark Langshaw

Author: Mark Langshaw - Content Manager

Updated: June 30, 2022

Many hopeful homeowners steer clear of brokers in their quest to secure a mortgage deal. And more often than not, it’s because they are put off by the associated costs.

But while using a broker can be a slightly more expensive option in the short term, if they manage to find you the cheapest deal you could end up saving thousands (or even tens of thousands) in the long run.

Here, we’ll be explaining some of the benefits of using a mortgage broker instead of going directly to your bank or other high street lenders.

Whole-of-market comparison

One of the biggest advantages of arranging your mortgage with a broker, particularly a whole-of-market one, is the huge range of lenders and mortgage products they have access to – right at their fingertips.

Having connections with such a huge pool of providers means that they can assess and compare the most competitive mortgage products and deals available, with your specific circumstances and needs in mind.

What’s more, working with a reputable broker means that you have access to the most up to date deals, as soon as they become available.

Access to specialist lenders

If you find yourself in a difficult or unique situation, for example, you have a history of adverse credit or are seeking a mortgage on a unique property type, the chances are your bank or building society won’t give you the time of day.

Whole-of-market brokers have access to hundreds of specialist mortgage providers covering almost every niche you can think of – even for those who’ve suffered severe cases of bad credit.

This means that, even if you’ve been declined a mortgage previously, a broker will not only be able to seek out willing lenders, they will also identify the one with the best rates given your circumstances.

Expert advice

Unless you have in-depth knowledge and experience in the field, knowing where and how to start your mortgage hunt can be very overwhelming; this is where a broker can be invaluable.

Brokers can explain to what deals are available, discuss the pros and cons of each, and advise you on what they feel the most appropriate option is for you. They are also useful in steering you away from lenders with sneaky payment terms buried within their mortgage contracts.


What’s more, working with a broker helps reduce the risk of damaging your credit history as a result of declined mortgage applications, because they will use their expert knowledge to suggest the providers most likely to lend.

Exclusive deals

Many lenders, particularly those offering specialist mortgage products, operate solely via brokers. As such, these lenders are able to offer exclusive deals to their customers.

Not only does this mean you’ll have access to an even wider range of lenders and deals than if you’d have conducted your mortgage search solo, you’re in an even better position to secure the best rates for your unique situation.


Last but not least, convenience. Seeking out and applying for a mortgage is a laborious process if you do it alone, but working with a broker means that you will save a huge amount of time and legwork.

Rather than conducting your own research and filling in application after application, working with a broker means that, typically, you only need to provide your information to them once – and they’ll take it from there.

Find out more benefits of working with a whole-of-market broker

Sound too good to be true? Yet to be convinced that working with a broker is better than approaching a high street bank?

Make an enquiry or give us a call on 0808 189 2301, and we’ll explain more about our services and discuss what options are available to you. We don’t charge a fee, and you’re under absolutely no obligation.

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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