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Remortgage Brokers

Can a broker get you a better remortgaging deal or are you better going at it alone? Find out in our guide

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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: 26th March 2020 *

If you’re coming to the end of your fixed or discounted rate mortgage deal, now may be the best time to remortgage to a better one, and a broker could make this process easier for you. This rings especially true if you have a fixed-rate mortgage as if your interest rates are higher than what the market is currently offering, it may be worth remortgaging to save money or free up any equity in your home.

You could potentially save even more by working with a broker. To find out why, we put together this article, which looks at how a mortgage broker can help your remortgaging needs. We also compare the pros and cons of going it alone vs working with a broker, the fees involved, and more.

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Do I need a broker to remortgage?

While it’s not a legal requirement, you could potentially shave thousands off your mortgage by remortgaging with the help of an expert broker. They can look at your current deal plus your financial situation (such as income, debts and day-to-day spending) to determine which product type would be best for you, then use their whole-of-market access to find the best deals.

The mortgage market can be difficult to navigate if you’re not sure which lenders to approach. Brokers are obliged to offer clear and accurate advice when they recommend a remortgage product to suit your needs, and they do this by assessing your circumstances.

There are plenty of benefits to working with a mortgage broker, though you can also conduct your own research and find a remortgage deal. To help you decide, we’ve explored the pros and cons of each in the sections below:

Direct

If you decide to go directly to your current bank or another lender of choice, you may miss out on the best remortgage deals and rates. However, it’s still worth approaching your current bank and other lenders to get an understanding of what may be available to you.

The benefits to going it alone may be that you won’t have to pay a broker fee, though some offer their services for free. If you’re worried that a broker’s interests may not align with your own (for example, recommends you a remortgage that will gain them the most commission instead of one that’s best for you), then you can relax knowing that we only work with the most trustworthy and accredited people in the industry

While comparison websites can give you a rough estimate of what may be available to you, many of the companies in fact pay to be featured there, so you won’t get a clear idea of what’s truly available and best for your requirements.

With a broker

There are plenty of benefits that come from working with a quality broker to help you remortgage. These include:

  • Access all areas: Brokers should be independent and ‘whole-of-market’. This means that they can access and compare deals from a huge variety of lenders to ensure that you get a remortgage product with the most competitive interest rate and fairest terms.
  • Recommend which remortgage type: Whether you’re after a fixed-rate, tracker, repayment or interest-only remortgage, a broker will be able to assess your needs and circumstances to see if your preferred remortgage type is right for you.
  • Time saved: A broker can find deals and work with a lender on your behalf, making your remortgage search much speedier and more convenient. After all, why spend hours researching deals that may not be right for you when a broker has all this information at their fingertips?
  • Quicker application: Following on from the last point, because you may have saved lots of time by working with a broker, your application may also be pushed through quicker. A typical remortgage application can take between four to six weeks, though it may be possible to secure a deal before then.
  • Specialist areas: If you have unique circumstances (for example, you’re a self-employed individual looking to remortgage a non-standard property), then we can match you with an expert who has similar experience in arranging these specialist mortgages and remortgages.
  • Bad credit defence: If you have adverse credit, then a broker can review your credit report and overall profile to gauge what sort of remortgage you could get.
  • Calculations: Mortgage brokers can work out how much you could be able to borrow based on your income, deposit amount, debts and monthly obligations.
  • Honesty: Brokers who are regulated by the Financial Conduct Authority (FCA) are obliged to provide you with transparent and honest information regarding your circumstances and options, so even if your current deal is better than any products available on the market today, they will be truthful and honest with you.
  • They keep you updated: Mortgage policies are updating all the time, so the criteria to qualify for a remortgage or mortgage will also change. However, brokers will be aware and fully informed of these changes before the public will be.
  • You have more rights: If, later down the line, you find that the remortgage recommended to you isn’t suitable, you have more options when it comes to getting compensation. However, the brokers we work with are regulated by the Financial Conduct Authority (FCA) for your peace of mind.
  • Less chance of getting rejected: Because a mortgage broker fully understands the restrictions and criteria of each lender, they can put forward your application with a greater chance of being accepted.
  • Fee management: Some brokers may be able to waive some lender fees, which will save you more money.

They can also help applicants who have previously been declined for a remortgage.

For more information and to get a quote, get in touch. The brokers we work with are experienced in arranging remortgages for many and can be especially helpful if you have bad credit, are self-employed, if you’re a first-time buyer or expat, or any other applicants with niche requirements.

It’s free to get in touch, there’s no obligation to take things further, and your credit score won’t be affected.

Should I use a broker?

That entirely depends on your needs and preferences, so the decision comes down to you. Bear in mind that you could get access to a wider range of products if you work with a broker plus they can do all the legwork on your behalf, so if you want a competitive remortgage that’s easier to arrange, you may want to consider working with a broker.

The independent brokers we work with are ‘whole-of-market’. This means that they aren’t tied to any lender, so their recommendations aren’t biased, and their advice is completely impartial. Make an enquiry and we’ll match you with someone shortly.

How much will a remortgage broker charge?

A typical mortgage broker will charge you between £300 to £600 for their services, though this amount entirely depends on the type of broker you use. If you use a specialist broker for a bad credit or self-employed application, for example, your fees may be higher, though the broker could have saved you a lot of money thanks to the deal they found.

They can be paid with a fixed rate, hourly rate, a percentage of the amount you’re borrowing (for example, 0.5%), or a combination.

For more information, read our dedicated page about mortgage broker charges.

Can their services be free?

Some mortgage brokers won’t charge you a fee. Instead, they will receive a commission payment from the mortgage lender once your remortgage application is complete. This can be an effective cost-saving option for some, though typically only applicants with less complicated needs (such as clean credit, standard property, larger deposit etc) can benefit from these brokers.

For individuals with more specific needs (such as bad credit, buy-to-let or no deposit), an experienced broker is likely needed to negotiate with specialist lenders in order to get a competitive deal.

Also, the fee a broker charges you may be insignificant when you consider the amount of money they could save you during the remaining term of your mortgage.

For more information, get in touch. We can put you in touch with a fee-free broker depending on your circumstances.

Will I need to work with a broker in my local area?

No, you don’t necessarily need to work with a broker who is geographically close to you. It’s likely that you will never meet your broker face-to-face as many now rely on emails and phone calls, so you’re more likely to get better deals by working with a broker with the experience to match your needs.

However, if you’re keen on working with someone who knows the local area, we can put you in touch with experts in any part of the UK, from London and Aberdeen to Cardiff and Manchester.

Speak to an expert

Remortgaging your home shouldn’t have to be a minefield. To see what rates you could get, speak to one of the expert brokers we work with. Call us on 0808 189 2301 or make an enquiry online. We'll then put you in touch with an expert who can offer free, impartial advice tailored to your circumstances.

Updated: 26th March 2020
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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.

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