What Are The Benefits of Using a Mortgage Broker?

A mortgage broker acts as an intermediary between you and potential lenders. They search the mortgage market on your behalf, recommend suitable products, and guide you through the application process from start to finish.

While you can apply for a mortgage directly with a bank or building society, using a mortgage broker offers several distinct advantages that can save you time, money, and stress.

What are the benefits of using a mortgage broker?

Access to the whole mortgage market

One of the biggest advantages of using a mortgage broker is access to the entire UK mortgage market. High street banks can only offer their own products, which means you’re limited to perhaps 20-50 mortgage deals at most.

A whole-of-market mortgage broker, by contrast, can search across 100+ lenders and thousands of mortgage products. This includes:

• High street banks and building societies
• Specialist lenders
• Broker-only deals that aren’t available to the public

Some of the most competitive rates and flexible lending criteria come from lenders who only work through brokers. By going directly to a bank, you’ll never even see these options.

Specialist knowledge and experience

Mortgage advisors are qualified professionals who understand the mortgage market inside out. They know:

• Which lenders are most likely to accept your application
• How different lenders assess income, credit history, and property types
• Which products offer the best value beyond just the headline interest rate
• How to structure applications to maximise your chances of approval

This expertise is particularly valuable if you have any complexity in your circumstances – such as being self-employed, having credit issues, or buying an unusual property type.

Time and effort savings

Searching for a mortgage yourself means:

• Researching dozens of lenders individually
• Filling out multiple application forms
• Chasing lenders for updates
• Coordinating between lenders, solicitors, and estate agents

A mortgage broker handles all of this for you. They’ll:

• Search the market and present you with the best options
• Complete application forms on your behalf
• Chase lenders to keep things moving
• Liaise with solicitors and estate agents
• Guide you through every step to completion

For many people, particularly those buying their first home or juggling busy work schedules, this support is invaluable.

Help with complex situations

If you have adverse credit, are self-employed, have non-standard income, or are buying an unusual property, specialist mortgage brokers can be essential.

These situations require knowledge of which lenders will consider your application and how to present your case in the best possible light. A specialist broker who handles these cases regularly will know exactly which lenders to approach and how to structure your application for the best chance of success.

Potential cost savings

While some mortgage brokers charge a fee for their services, the savings they can achieve often outweigh this cost. By finding you a mortgage with:

• A lower interest rate
• Lower arrangement fees
• Better terms and conditions
• More suitable features for your needs

A broker can potentially save you thousands of pounds over the lifetime of your mortgage.

Even if a broker’s fee seems significant upfront, it’s worth considering the overall cost of your mortgage. A rate that’s even 0.1% lower on a £300,000 mortgage could save you hundreds per year.

When should you use a mortgage broker?

While mortgage brokers can help anyone, they’re particularly valuable if you:

Have any complexity in your situation – This includes bad credit, self-employment, contractor income, multiple income sources, or previous mortgage arrears

Buying an unusual property – Such as a flat above commercial premises, a non-standard construction property, or a property requiring renovation

Want to remortgage – Brokers can determine whether switching lenders will genuinely save you money once all fees are factored in

Are a first-time buyer – The mortgage process can be overwhelming when you’re doing it for the first time. A broker can guide you through every step

Are time-poor – If you don’t have time to research the market yourself, a broker can handle everything on your behalf

Want certainty you’re getting the best deal – Even if your situation is straightforward, a broker provides peace of mind that you haven’t missed a better option

Can a mortgage broker help with bad credit?

Yes, absolutely. In fact, if you have any form of adverse credit, using a specialist bad credit mortgage broker is often essential.

Here’s why:

Lenders have different criteria – Some lenders won’t accept any adverse credit at all. Others will consider certain types of credit issues but not others. Some will accept older credit problems but not recent ones. A specialist broker knows exactly which lenders will consider your specific situation.

Presentation matters – How you present your credit history can make a significant difference. A specialist broker knows how to explain your circumstances in a way that gives you the best chance of approval.

Multiple applications damage your credit score – Every mortgage application leaves a mark on your credit file. If you apply directly to lenders who are likely to reject you, you’ll damage your credit score further. A broker will only submit your application to lenders likely to accept it.

Access to specialist lenders – Some lenders specialise in bad credit mortgages and offer more competitive rates for people in your situation. Many of these lenders only work through brokers.

Even if you think your credit issues are minor, it’s worth speaking to a broker. What seems like a small problem to you might be a red flag to certain lenders, while other lenders won’t be concerned at all.

Do mortgage brokers save you money?

In most cases, yes. Mortgage brokers can save you money in several ways:

Finding lower interest rates – By searching the whole market rather than just one lender, brokers can often find more competitive rates. Even a small difference in interest rate adds up significantly over a 25-year mortgage term.

Identifying lower fees – Some mortgages have high arrangement fees, valuation fees, or other charges that eat into any savings from a lower rate. Brokers can calculate the true cost of each mortgage option.

Avoiding unsuitable products – Some mortgages come with early repayment charges, restrictions, or other features that could cost you money in the future. Brokers can identify these issues and steer you toward more suitable options.

Reducing the risk of rejection – If your mortgage application is rejected, you’ll have wasted time and money on valuation fees and legal work. Worse, the rejection will appear on your credit file. Brokers significantly reduce this risk by only submitting applications to appropriate lenders.

Negotiating better deals – Some brokers have relationships with lenders and can negotiate better terms, reduced fees, or faster processing times.

That said, some mortgage brokers charge fees for their services. The key question is whether the savings they achieve outweigh their fees. In many cases, they do – but it’s worth clarifying fees upfront and asking your broker to demonstrate how their recommended mortgage represents the best value.

How do you find the right mortgage broker?

Not all mortgage brokers offer the same service, so it’s important to find one who’s right for you:

Check they’re whole-of-market – Some brokers only work with a limited panel of lenders, which defeats the purpose of using a broker. Whole-of-market brokers can search all available options.

Look for relevant expertise – If you have a specific situation (like bad credit or self-employment), look for a broker who specialises in that area.

Understand their fees – Ask upfront how much they charge and when payment is due. Also clarify whether you’ll get a refund if your mortgage application is unsuccessful.

Check qualifications – All mortgage advisors should hold appropriate qualifications (such as CeMAP) and be registered with the Financial Conduct Authority (FCA).

Read reviews – Look for brokers with strong reviews from customers in similar situations to yours.

Ask about their process – A good broker should explain how they’ll work with you, how long things typically take, and what support they’ll provide throughout the process.

Ready to speak with a mortgage broker?

The benefits of using a mortgage broker include access to the whole market, specialist knowledge, and support throughout your application. At Online Mortgage Advisor, our specialist advisors focus on specific mortgage types, giving you the best possible chance of approval.

We work with over 100 lenders and can access thousands of mortgage products, including exclusive broker-only deals. Whether your situation is straightforward or complex, our advisors will search the entire market to find the right mortgage for you.

• Whole of market access – Over 100 lenders and thousands of products
• Specialist knowledge – Expert advisors for every mortgage situation
• Proven track record – Helping customers since 2013

Call 0330 818 7026 or make an enquiry to speak with a specialist mortgage advisor today.