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Should You Use a Mortgage Broker to Refinance?

In the long-term, getting the right refinance deal can save you a lot of money. Find out how to use a mortgage broker to get the best available deal.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 22, 2022

Choosing to refinance your property for a better mortgage deal could save you money over the long-term. Typically, a refinance will give you a new loan at a lower rate of interest than your previous mortgage.

Refinancing is also an opportunity to negotiate a new set of mortgage terms and conditions, which could be beneficial if your capacity for making monthly repayments has changed.

If you think it’s time to refinance your property and want to see what offers are on the market, you’ll be faced with a choice of either consulting with your current bank, or getting help from a mortgage broker.

Read on for information to help you make the decision that’s right for you.

Should I use a mortgage broker to refinance?

If you’re refinancing and plan to stay with the same lender, there’s little point in using a broker. If, however, you want to refinance as a way save on your regular mortgage payments then finding the best deal will make all the difference. Using a whole-of-market broker will help you find the best available terms and rates to suit your circumstances.

Refinancing fees can vary according to your provider and you need to make sure you won’t be penalised with early repayment charges on your current mortgage, which could apply if you’re in a fixed rate period. These are things an experienced mortgage broker can help with.

To make sure that you are truly making a saving in the long-term, a whole-of-market mortgage broker will assess the terms of your current mortgage and help you find the mortgage deals that might make the biggest difference to your cost base, taking into account all the fees associated with making a change.

If you have prior knowledge of the mortgage market and know the deal you want to get, you could go it alone. However, working with a whole-of-market broker could land you an even better deal. An experienced broker with access to mortgage providers across the whole UK has access to lenders which don’t sell direct to the public.

This is especially important if you have an unusual income stream, such as if you’re getting a mortgage when self-employed or you’re looking at getting a mortgage with bad credit where high street lenders may be less willing to be flexible with the mortgage deals you may be eligible for.

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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.

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

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What role does a mortgage broker play when refinancing?

To entice new customers to refinance their mortgage loans, many lenders offer reduced rates and fees. But finding the best rates takes time, effort and a thorough knowledge of the market.

You’ll need to search through the entire refinancing mortgage market and compare rates, terms and conditions. Which is where a broker can help: they often have access to lower-than-normal interest rates and bespoke deals with providers and can take you directly to the best offers available to you.

A mortgage broker can act as a middleman to negotiate the best deals on the market on your behalf: they’ll communicate directly with lenders to see if they’d offer you the refinance package of your choice.

They can also offer advice about whether it’s worth refinancing your home and if a refinance will actually save you money over the long-term.

How do mortgage brokers make money on refinance deals?

A good broker will work independently from banks and mortgage providers and must be fully-licensed and regulated.

They have a duty to always act in the best interests of their clients and offer genuine, expert advice.

In exchange for their services some brokers will charge a fee. How this is calculated varies; it can be a percentage of the loan amount, or a flat fee.

Others, like many of the brokers we work with, are paid in commission by the mortgage lender once a mortgage application successfully completes.

The service offered by Online Mortgage Advisor is completely free. Brokers only get paid if they get you the mortgage you want. Get in touch for a free, no-obligation chat to find out how they can help you refinance and save time and  money on your mortgage today.

Refinancing with a mortgage broker vs. a bank

Whether or not refinancing with a mortgage broker or going directly through a bank is right for you will depend on your finances and circumstances. If you have the time, interest and experience in searching the market and negotiating mortgage deals and you feel confident in your ability to find the best option, you may prefer to go it alone.

On the other hand, a broker may be able to take you directly to ‘hidden deals’ with lower interest rates than you’d find with a surface level online search. Many mortgage lenders only sell their products through mortgage brokers, so often you’ll get access to deals otherwise unavailable to you.

If you have concerns about your credit history, a broker may be able to help you secure better loan options than you’d find on your own.

In short, using a broker could save you time, money and potential disappointment, not to mention unnecessary marks on your credit file since they’ll pair you with the right lender first time.

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Questions to ask a mortgage broker when refinancing

A mortgage broker will manage the refinancing process for you, taking the legwork out of applications by negotiating deals with lenders to find the most competitive interest rates on your behalf.

However, success will depend on finding the right broker for your needs and making sure you’re both clear on what your refinancing needs are.

Here are a few questions to ask a mortgage broker when refinancing your home:

  • What’s your compensation rate/what fees do you charge?
  • Do you have access to special refinancing deals?
  • What’s the cost of refinancing my property?
  • What kind of interest rate could I get if I refinance my property?
  • How much experience do you have in refinancing mortgages?
  • How long will it take to refinance my home?
  • What qualifications do you have?

Doing your due diligence will ensure you are best informed and clear on whether or not working through a broker would be best for you.

Speak to an expert

Refinancing your mortgage can be a complex process. Whether you work through a broker or chose to go directly to your bank, refinancing will require careful consideration of your situation and options.

An experienced broker can help you decide if refinancing is the right option for you.  Consult a reputable mortgage broker for tailor-made advice and get answers to your questions on how to refinance.

Call 0808 189 2301 or make an online enquiry and we’ll introduce you to one of the whole-of-market experts we work with. We only work with vetted, tried and proven brokers with a solid track record of helping clients get results.

They can take you directly to the best deals for your needs. There’s no obligation and your credit report won’t be affected.

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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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