How To Choose A Mortgage Broker

Smiling Man in Blue Suit Sitting by the Table

Getting the best deal on your mortgage – it’s one of the hardest parts of buying a home, but a mortgage broker can help make it happen. What is a mortgage broker, though, and how can they work behind the scenes on your behalf to ensure you get the best possible deal on your mortgage? This how-to guide can help answer all of your questions.

What Is a Broker?

A mortgage broker is sometimes called a mortgage adviser, and they’re a professional to whom you can turn that will look through mortgages available to someone in your situation, and then help you select the right one to meet your needs. While some people turn to a single lender, those who turn to a mortgage broker have access to multiple lenders at once, which can be particularly helpful in some situations. More than that, though, they’re called mortgage advisors for a reason. They’re available to offer mortgage advice, often free mortgage advice to those who are looking to better understand what might be the best option.

Why Use a Mortgage Broker?

There are many different reasons to consider using a broker. Mortgage advisors like these have one big advantage over a single lender – they tend to save homebuyers a lot of stress and frustration. If, for example, you’re trying to get the best deal on a mortgage, you’re likely spending time searching to find a mortgage, then you’ve probably spent a good amount of time talking to the lender, and eventually, you’ll need to spend an extensive amount of time applying for that deal. You could go through this process multiple times if you’re searching hard enough. Working with an independent mortgage broker means you don’t ever have to do that.

Besides the time savings, you might achieve working with an independent mortgage advisor, you’re also getting direct access to personalised advice, essentially access to your mortgage strategy. Brokers know the ins and outs of the market for those in almost every financial situation. As a result, a simple conversation with a free mortgage broker means you should be able to instantly gain access to several different mortgage deals and the mortgage advice you need to truly sort through them and know what might be right for you.

Good brokers can also do something else for you. If you choose to get a mortgage in this manner, you gain instant access to mortgage broker tools single lenders just don’t have access to. A mortgage broker in the UK will know which lenders are likely to accept you, no matter your credit history. Moreover, they can help you steer clear of deals that may hurt your application as a whole.

One more real bonus? In most cases, you’ll be working with a free mortgage advisor, so you won’t have to worry about those additional fees. Instead, you’re just going to save some serious cash throughout the process.

How to Select the Perfect Mortgage Broker to Meet Your Needs

What do you need to do to find the best mortgage broker? These tips can help you select the right person to meet your needs.

  • One of the most important things you can do is look for a whole-of-market finance broker. Some advisors will only suggest mortgage products that come from a certain set of lenders. If you work with a mortgage broker who is bade with a particular building society, for instance, they may only let you know about their particular product range. A whole-of-market broker, though, helps you work through all of the potential mortgages on the market so they can help you understand the best possible deal. This kind of broker assessment capability could mean some serious savings for you in the long run as well as extensive access to a variety of the different products on the market. They’re a bit like going to a mortgage supermarket as opposed to a local shop. There, you’ll get access to the best possible mortgages on the market today.
  • You’ll also want to consider the kind of service you want when you access mortgage advisers. While many mortgage brokers are happy to meet with you in person, there are also loan broker options that will only meet with you over the phone. You can likely even find a mortgage broker tool online that is powered by AI that will offer you similar services. These days, there’s no single kind of mortgage advisor. Instead, there are several different options when it comes to the best mortgage brokers, and you’ll need to take a look at the UK mortgage broker type that might best meet the needs of both your diary and your budget needs.
  • Don’t overlook mortgage broker fees in this equation. Fees can vary from company to company and even from place to place. For example, if you’re searching for a mortgage broker in London, you may find that you’re paying a different rate than you would if you’re looking for a mortgage broker in Cardiff. In most cases, you’ll likely want to find a fairly local mortgage adviser. While shopping for mortgage brokers in London if you’re buying a home in Northampton isn’t a terrible idea, if you work with local mortgage brokers, you’re far more likely to get the mortgage advice UK buyers like you need and land on the perfect product to meet your needs.
  • The last thing to consider is what’s included in each mortgage advisor’s services. Not all mortgage advisors offer the same level of service. Some draw a clear difference between a mortgage advisor and a broker.  In some cases, you’ll just get someone who works as a mortgage consultant. In others, you’ll get someone who works as a mortgage administrator, handling virtually all of the paperwork and everything else involved.

Understanding Mortgage Broker Cost Structure

While there are no-fee mortgage broker options and lots of free mortgage brokers advertising their services, you’ll still find that there are several mortgage advisors’ costs to take into account as you look for the key mortgage advice you need on your first home. Just typing “How much do mortgage advisors charge” into a search engine, though, won’t get you the answers you want. What can you expect when you work with a mortgage adviser, though? What do most independent mortgage advisors charge? The answer depends a bit on the independent mortgage advisor you select. Even the best mortgage brokers earn a commission from lenders when they help you select a mortgage. That’s literally how they stay in business. Some who broker mortgages, though, also charge a fee. Finding a mortgage broker free of charge isn’t always easy. Instead, those fees often come as a certain percentage of the amount of money you want to borrow or a flat rate fee. Either way, a mortgage broker has to disclose those fees and their commissions from the lender before they begin to work with you. The question of how much mortgage advisors cost, then, depends on the individual you contact.

Does a Re-mortgage Broker Work the Same Way?

You probably got a good deal when you initially took out your mortgage. Over time, though, those good deals have a way of shifting, and new deals might come on the market. When you re-mortgage, you typically do so to take advantage of a better deal, and while you don’t necessarily have to change lenders, working with a re-mortgage broker may help you compare the market. Re-mortgage deals abound these days and having someone on your side can help. The best time to re-mortgage is when you reach the end of your fixed term rate so you can avoid any early repayment charges.

Questions to Ask a Mortgage Advisor

As you begin your search for the right professional to meet your needs, you will want to ask lots of questions of those you’ve identified as good candidates. Here are a few to consider.

  • Do you offer whole-of-market services?
  • Do you have information about direct loans from lenders?
  • What additional fees come with your services?
  • What services do you offer?
  • When are you available if I have questions?
  • Do you also offer insurance protections like life insurance?

Getting the answers to these is a good way to compare the brokers you’re considering.

How to Become a Mortgage Advisor

If you’ve previously worked with a mortgage advisor and it seems like the type of industry in which you’re interested, there are many job opportunities available here. Whether you’d like to be a mortgage broker in London or somewhere else, there are many possible jobs available. As a mortgage advisor, you’ll work with people to learn more about the pros and cons of the various loan products available and help people understand exactly what they should borrow. The first step in learning how to become an independent mortgage broker in the UK is to understand what type of mortgage advisor you’d like to be. You can tie yourself to a single lender like a bank or a building society. You can also look at deals from a small number of lenders. Your other option is to be a whole market advisor.

No matter which type is right for you, to become the best broker, your goal is to meet with each client, learn more about their situation, and help them select the right type of mortgage. To rank yourself among mortgage brokers in the UK, you must complete a CeMAP course, which stands for Certificate in Mortgage Advice and Practice. It typically takes six to twelve months to complete. It may also help to have some skills in real estate and accountancy to become one of the best brokers, though no post-graduate degree is necessary. One great way to get started is by working with a mortgage bureau, bank or building society in an apprenticeship.

It can become more difficult if you decide to strike out on your own early, as you’ll quickly need to learn what type of mortgages broker you want to become, which lenders you want to work with, whether you want to become a whole of market mortgage broker, whether you should be a fee-free mortgage broker, and all of the answers to the question of what does a mortgage advisor do daily. Maybe the hardest part, though, is that learning the answer to the question “what does a mortgage broker do” will be all on you if you decide to strike out on your own too early.

Finding the Right Mortgage to Meet Your Needs

A great mortgage can make or break your home deal, and often working with a good mortgage advisor can help you locate that perfect deal.


Still, have questions about independent mortgage advisors and how they can help you find the perfect mortgage? Here are a few of the most commonly asked questions.

How Do You Get the Best Mortgage?

Finding the best loan means comparing several mortgage key factors. This is where an independent mortgage broker can come in handy. Finance brokers can help you shop the virtual supermarket of mortgage options so you can get the right loan at the right rate. Essentially, you get the best loan by working with the best broker.

How Do You Choose a Mortgage Advisor?

Getting a good mortgage adviser means looking at several specialist mortgage lenders available in the area and working to find a mortgage broker who can meet your needs. Whether you’re in the West Midlands or London, mortgage broker options abound, so you’ll need to do some research to reach the best mortgage advisor. Look for someone who offers whole of market services and low fees. Ask friends and family members whom they’ve used in the past, and read reviews of brokers to determine the right person to meet your needs.

What Does a Mortgage Advisor Do?

Not quite sure exactly how a mortgage advisor can help you out? The best mortgage brokers work a bit like a mortgage advice bureau that can review options and offer them to you. Most independent mortgage brokers offer mortgage advice on a fairly large range of products, so homebuyers like you can connect with the right loan.

How Much are Mortgage Advisor Fees?

As you look into the costs of working with a mortgage broker, the fee structure is likely to be a pretty key concern. While one broker on a local level might not charge anything, mortgage brokers in London may have a very different fee structure. The simple truth is that any broker house located anywhere might have a different fee structure, so it’s hard to answer this question with any helpful information. The best option is to ask those you are considering about their fee structure. While a mortgage advisor in London might tell you that they charge a flat 2% of the value of the home loan, other UK mortgage brokers are likely to charge something quite different. Independent mortgage advisers across the UK charge very different things, so just check with the independent mortgage adviser you’re considering if you want to move forward. They’ll either have no fee services, a flat rate, or a certain percentage of the loan.

What New Homes Mortgage Services Will a Mortgage Broker Offer?

If you’re a first-time buyer working with a mortgage financial advisor, you’re likely to gain access to several first-time buyer schemes. A mortgage administrator at most lenders is likely to work with your mortgage adviser to help you find the right loan and the right repayment terms designed specifically for first-time buyers. Whether you’re working with London mortgage brokers or another mortgage advisor in the UK, your broker can assess your situation and help you connect with the best options to meet your needs. After all, what is a broker if not someone who is there for you as you buy your first home?   Mortgage brokers can be incredibly helpful to first-time buyers.

How Long Does a Mortgage Application Take through a Broker?

If you’re working with the best mortgage brokers the UK has to offer, you’d expect the process to be fairly quick, right? That’s not always the case. Mortgage advisors do offer lots of advantages over traditional lenders, but just because you’re working with a mortgage brokerage doesn’t mean that you’ll spend less time waiting. The process, though, is still likely to take between two and six weeks. The mortgage company will still have to do all of the standard checks, and that can take some time. Where the process works to your advantage in terms of time, though, is the fact that a mortgage broker can help you ensure you have everything you need to apply. Moreover, specialist mortgage brokers will help you only apply for those loans that are achievable for your financial situation. That means that the time you spend waiting is far less stressful because you can be reasonably assured that you’re qualified for the loan itself. This is why it’s so important to turn to a mortgage advisor in Cardiff or your local area to help you apply for a loan. If you’re asking yourself “Do I need a mortgage advisor?” the answer is probably yes, particularly if you’re looking to select mortgages that are perfect for you.

How Much Do Mortgage Advisors Earn?

Many people are looking to become mortgage advisors, and for good reason. It’s a growing career with lots of advantages Before you look at salary, though, you may want to learn the answer to the question “What does a broker do?” Brokers work with individual people to help decide on the right loan for them. They need lots of great communication skills as well as an understanding of the mortgage market. It may also help to learn how to become a mortgage advisor. The best way to do so is to work under a current broker in an apprenticeship situation, and they will help connect you with the resources you need to grow as a professional. As you work to become a mortgage broker, keep in mind that it will take some time to get up to speed and open your brokerage firm. The question of how much mortgage brokers make is easily settled. At the high end, you can expect £70,000. At the low end, you can expect to make £40,000.

Do I Need a Mortgage Broker?

In most cases, bringing a mortgage broker in London or beyond into the picture is important as you shop for a home loan. Your mortgage people are going to be far easier to deal with if there’s a broker in the picture. Looking to a local mortgage advisor advertising “We Do Mortgages” means you’re getting access to a mortgage-saving expert, and that can mean a great product at a great rate. Independent mortgage advice is essential, as it can help keep you more informed about the home loan products available. This is especially true if you’re looking to re-mortgage. A re-mortgage broker will take a look at your current loan and help you find the right new one. If you’re worried about the question of how much a mortgage advisor costs, understand that the cost is offset by the fact that you’re going to get the perfect loan to meet your needs.

We are proud members of...

  • NAPB
  • RICS
  • The Property Ombudsman
  • Trading Standards

We are proud to be the most regulated property buyer operating in the ‘Quick House Sale’ industry. We are an active member of the NAPB (National Association Of Property Buyers) and are RICS regulated, which means you can have every confidence of selling your home with us quickly & easily.