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Can a Broker get me a Better Mortgage Deal?

Why mortgage brokers can get better deals and rates than you can find on the high street.

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 12th November 2019 *

Whichever type of mortgage you’re interested in taking out, the priory for most people is to get the best deal.

While you can do your own research, there are experts in this field who are highly experienced and professionally trained to help you get the best deal known as mortgage brokers

But why can mortgage brokers get better rates and how can they help you?

We explain the reasons in this article, and cover the following topics:

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Do mortgage brokers have access to better deals?

Yes, they can potentially find you a better deal. But in order to answer this question fully, it’s useful to know what the purpose of a mortgage broker actually is. 

In short, mortgage brokers are the advisor in between you and the lender who will find you a mortgage and negotiate the mortgage terms. They understand all the legal aspects so if you’re not too sure about anything they can answer your questions.

It’s not compulsory to have one, but because mortgage brokers are experts in their field, they’re knowledgeable and up-to-date on developments in the housing market, which is why they can have access to better deals.

What type of mortgage broker can get me a better deal?

There are two main types of mortgage broker:

Tied broker

A tied broker only works with a specific group of lenders. This means they will only find you a mortgage from one of these lenders so when it comes to getting the best deal, they can only give you deals from the lenders they work with.

Whole-of-market broker

A whole-of-market mortgage advisor works independently and is not tied to any specific lenders. 

This means they give impartial advice and their only interest is in getting you the best deal. They are ‘whole-of-market.’ You can talk to someone for free no-obligation advice on 0808 189 2301 or make a quick enquiry.

Do mortgage advisors get better rates?

Bearing in mind that they are experts and are well versed in brokering deals between lenders and buyers it’s safe to say that yes they do get better rates than someone who may be looking around without professional knowledge.

A lot of the time, the whole-of-market brokers we work with get exclusive rates with lenders that are not available by going direct. Why would lenders do this? The fact is that, on average, about three-quarters of mortgage business that the banks get is from brokers.

The banks want to keep the geese that lay their golden eggs happy and they do this by offering better interest rates for their clients!

Why can mortgage brokers get better rates?

Whole-of-market brokers, like those we work with, have the knowledge and tools to ensure you get the right mortgage at the best possible rates available because they have access to all the mortgage lenders in the market.

Below we outline all the reasons mortgage brokers are able to get better rates:

  1. Knowledge - Mortgage brokers are specially trained and finding the best deals for there is what they do for a living.
  2. Specialisms - Brokers are experts and many of them specialise in specific areas such as buying abroad, mortgages for self-employed, mortgages for pensioners etc so if you use a broker who has a particular specialism in the type of mortgage you’re after they’re even more likely to be able to access the best deals.
  3. Access - Typically speaking, a member of the public can only access high-street mortgage lenders and deals and offers they come across themselves either online or through research and recommendations. Mortgage brokers (when they’re whole-of market) have access to thousands of current deals and, with more choice. They can find more options for you. Most of the specialist lenders out there won't even deal with the public either.
  4. Personal advice - Any advice a mortgage advisor gives you will be based on your personal circumstances taking into consideration all the affordability criteria that lenders base their applications on, including your salary, age and credit history. They’re then able to make recommendations for the best deal for you based on these considerations.

Speak to a mortgage broker for access to better rates and deals

Second to having children, getting a mortgage will probably be the biggest financial commitment you'll ever make.

Which is why it’s recommended that you talk to an expert, a mortgage broker who can look at your specific situation, advise the best type of mortgage for you and help you get the best possible rate.

We work with professional mortgage brokers who are highly skilled in these areas.

Call 0808 189 2301 or make an enquiry online and we’ll put you in touch with an expert who has the right expertise for your circumstances.

We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

Updated: 12th November 2019
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of 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 info 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.