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Why Use a Mortgage Broker?

Do I use a broker or apply directly with a lender? Find out how the right mortgage broker can help save you time, hassle and money

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: December 9, 2021

Getting a mortgage and deciding whether to work through a mortgage broker or go directly to the provider is one of the biggest financial decisions you will make in your life.

The mortgage you take out will have serious financial implications for your future, so it’s well worth taking the time to find out which route to a mortgage is right for you.

Working with an experienced, competent mortgage broker could help you find the right mortgage and potentially save you thousands of pounds.

What are the benefits of using a mortgage broker?

One of the main benefits of choosing to arrange your mortgage through a broker is that they know how to quickly scan the whole market and offer you a wide range of mortgage products. This can give you access to hidden deals that are only available through a broker as well as save you the legwork.

Going direct to a bank or building society means you will be restricted to products just from that lender. A mortgage broker will search the entire market to find the best deal for your circumstances.

A broker can also protect you from any lenders with troublesome payment terms hidden in their mortgage contracts.

Working with the right mortgage broker can save you time and money and give you the security of knowing you’ve had expert advice.

Get Started Ask Us A Question

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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Why should I not use a mortgage broker?

Pretty much the only scenario when using a broker is not recommended is when you’re 100% confident that you can arrange the best mortgage for your needs and circumstances yourself. This is largely limited to people who work within the industry and have whole-of-market access.

That said, some brokers may have interests which are not fully aligned with your own, and offer you a mortgage package where you may not get the best deal. You can safeguard against this by working with an experienced broker with a solid reputation for client service.

At Online Mortgage Advisor we carefully select highly qualified, award-winning brokers who offer a top-notch service: our commitment to excellent service shows in our 5-star Feefo rating and customer reviews.

If you’d like help in finding the right mortgage broker for your needs, give us a call on 0808 189 2301 or make an enquiry.

Should I use a mortgage broker or not?

Unless you work in the industry and have access to every mortgage deal on the market, applying through a broker is the best course of action.

Brokers often have access to exclusive mortgage deals, and they may also be able to get special rates from lenders that could be better than what you could get on your own. As lenders target broker’s business the rates they offer via the intermediary channels are often lower than the ones you can access yourself.

They take much of the hard legwork out of getting a mortgage.

However, it can be beneficial to do some of your own basic online searches to a feel for the market dynamics and rates before contacting a broker.

Try to find out which mortgages may be available to you, so you can gauge whether the deal a broker finds you are better than what you could find on your own. This will also provide you with some knowledge which will not only help your decision making but also potentially improve your liaison with a broker.

Are mortgage brokers a good or bad idea?

Here are some of the benefits of working through a broker:

  • A good broker can help you with making financial decisions associated with moving home and mortgages.
  • A mortgage broker will take the legwork out of looking for a mortgage.
  • A broker can help you in cases where you have specialist requirements, which may make it more difficult to find a mortgage on your own.
  • Many mortgages are only available through a broker – they have access to more deals, which means more choices, and a higher chance of getting a low rate.
  • A mortgage broker will ensure you qualify for the deal you apply for, reducing any potential negative impact on your credit rating.
  • A mortgage broker will liaise with estate agents and solicitors keeping your purchase or remortgage on track, saving you time and effort.

Situations were getting a broker may not be beneficial:

  • Mortgages where a lender may offer home buyers the same terms they offer brokers, meaning you fail to gain any added benefit
  • If you have a lot of experience in taking out mortgages and have the time and energy to do all the legwork yourself.

What is the advantage of a mortgage broker?

Working with a competent mortgage broker can save you time and money.

Most advisors will have access to exclusive broker deals, which could be better than what you’d get if you went directly to the lender.

Independent mortgage brokers will assess just about every deal on the market to find you the right one.

Brokers are an especially attractive option for people looking for specialist mortgages, or for borrowers with low credit scores or are looking for a low-income mortgage. An experienced mortgage broker will ensure you’re taken directly to the right lender and save any potential negative impact on your credit rating.

How good are mortgage brokers?

So how good are mortgage brokers, and is it really worth working with one?

In addition to securing a good interest rate, some mortgage brokers can help save you payments on additional fees by finding a lender that charges less than many of their competitors.

On the other hand, you may have to pay the broker a fee. It’s best to factor this fee into your mortgage costs to calculate how much of a deal you’re getting by working with the broker.

Although, of course, the benefits of a broker go beyond money and into saving you time, hassle, and the stress of not having expert financial guidance. A good mortgage broker will be transparent about any fees, operate independent of lenders and always act in your best interests.

Many of the brokers we work with operate on a success-only model, meaning that they will only get paid in the form of commission from the lender and/or fees from yourself if they successfully help you secure a mortgage.

Speak to an expert mortgage broker

Working through a mortgage broker can offer many advantages, but you’ll need to be able to decipher how good a mortgage broker is.

Some key factors to look out for are whether or not the broker is independent, the number of loans they have access to, what their reputation is, and how much their fees are.

At Online Mortgage Advisor we’ve done the hard work of vetting brokers for you and can put you directly in touch with the right broker for your needs.

Whether you’re a first-time buyer or an experienced homeowner, the brokers we work with can help you compare mortgages and find the very best deal for your home. Call Online Mortgage Advisor on 0808 189 2301 or make a quick online enquiry.

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We know everyone's circumstances are different, that's why we work with expert mortgage brokers

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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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