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Why use a mortgage broker

Kieran Witt, 18 August 2023

Mortgage broker

What’s this article about?

Discover why using a mortgage broker is a smart move. Get whole-market advice, access to exclusive products & hassle-free service.

Mortgages are some of the biggest and most complicated loans most of us will take out, and with thousands of mortgage products available, it’s not always easy to find the right deal for your needs.

That’s where mortgage brokers come in. They can help you find the most suitable, cost-effective mortgage for your circumstances and smooth the path to becoming a homeowner.

Here are the main reasons you should consider using a broker to help you navigate the mortgage maze.

Whole of market advice

A mortgage broker searches for the right mortgage to suit your circumstances across multiple and sometimes all lenders. If you go directly to a lender (e.g. Halifax) for a mortgage, you’ll be limited to the mortgages from that lender only, which may or may not be the best for you.

Fully qualified and regulated

Brokers must have professional qualifications to give mortgage advice, and the Financial Conduct Authority regulates them. This gives you certain reassurances: They have passed the required mortgage exams. They will treat you fairly and make sure they recommend the mortgage that is most suitable for you. You are also entitled to seek redress from the Financial Ombudsman Service if you are not happy with their advice.

Access to exclusive products

Brokers can access mortgages that may not be available to you directly. Some lenders only offer their products through brokers and don’t deal directly with the public. These products may be a better match for you, and you'll only find out about them by using a broker.

Market knowledge

Finding the most competitive mortgage product is one thing, but that’s only half the story. An experienced broker knows which mortgages you’ll be able to access and which lenders may reject your application. They also know which lenders can turn around mortgage applications quickly and which are currently struggling with service.

Hassle-free process

Getting a mortgage and buying a home can be complicated, with many forms to fill out and different parties to chase. A broker does the legwork for you, taking away some of the stress, helping you to fill out the forms and preparing your case, so it goes through smoothly first time. They then stay on top of it throughout the process, keeping in touch with the lender and liaising with solicitors if needed.

Specialist needs

If you’re self-employed, have seasonal income or a history of bad credit, you may find it challenging to get a mortgage yourself. A broker has access to a wider range of specialist lenders and experience helping those excluded from the mainstream market.

Open more hours

Brokers frequently make themselves available to you at your convenience - evenings, weekends or during your lunch break. You can generally contact them whichever way you prefer - over the phone, via social media or by email. This flexibility sets brokers apart from going directly to your bank, where you could be waiting on the phone for hours to get through.

Wider financial advice

Brokers often specialise in other areas of financial services, which means they can take a look at your personal finances more generally. For example, a broker might be able to help you arrange building insurance, which your mortgage lender will require. Some can also talk about life insurance and other types of cover that might suit you. They don’t just help you get the home but can recommend insurance that ensures you keep it, whatever life throws at you.

Loyal to you

If your circumstances change, your mortgage broker is there to help you review your options. They usually contact you well in advance of your mortgage ending to see if they can get you a better mortgage. A broker wants to keep your business for the long term, and they want you to recommend them to friends and family. So, they always act in your best interests and are loyal to you, their client.