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What is a mortgage broker?
A mortgage broker, sometimes referred to as a mortgage adviser or advisor, is a financial professional who specialises in helping borrowers secure mortgage loans.
Their primary role is to act as an intermediary between you and potential lenders, such as banks or building societies.
We've partnered with Mojo Mortgages, a trusted mortgage broker who will help you find the best mortgage options for your needs. Mojo not only assists in comparing a wide range of mortgage deals but also takes care of your application process. They work directly with lenders on your behalf to streamline approvals and negotiations.
Who is Mojo Mortgages?
Mojo is a free online mortgage broker. We partner with them so you can get all the mortgage support you need in one place.
Mojo will find out about your circumstances, check your eligibility, and search across the whole of market to help you secure the best mortgage for your circumstances.
An expert will be on hand to offer help and advice, and you will be supported through each step of your mortgage application.
What can a mortgage broker help you with?
A mortgage broker can typically look at deals from across the market, meaning they can advise you about options from several types of lenders to help you find the most suitable one from your circumstances.
However, some mortgage brokers work with a limited selection of lenders – you can ask your broker how many lenders they will look when it comes to finding the right deal for you.
If you go directly to a bank or building society for a mortgage, instead of a broker, they'll have internal advisers who are trained to help you with a range of their financial products.
However, an adviser at a bank or building society will only be able recommend their own products. This means they can't advise on or suggest any mortgage deals available from other lenders.
Pros and cons of a mortgage broker
How much do mortgage brokers charge?
Mortgage brokers typically earn a commission from the lender for successful deals. Some may also charge a fee for their services, either a flat rate or hourly.
However, they are obligated to explain their fees and charging process to you at the outset, so you're aware how much it will cost.
Mojo Mortgages doesn't charge any broker fees, so you can keep that extra cash for home improvements.
Can mortgage brokers always find the best deals?
Mortgage brokers can often look at deals from across the market from a variety of lenders. This gives them a better chance of finding you the best deal or deals for your circumstances.
If you go directly via a bank or building society, they will only offer you their products. If you compare mortgages yourself and apply for a deal that you've found, you might have missed a deal more suited to you.
However, mortgage brokers may be limited to specific lenders (you can ask them this) – they might also not look at direct deals (lenders sometimes provide deals direct to customers rather than via a broker).
What questions should I ask a mortgage broker?
A mortgage is a big financial undertaking so it's worth using a mortgage broker you trust. Some key questions to ask an adviser to make sure their service is right for you are:
Are you a regulated broker?
From the outset, verify your mortgage broker's credentials. In the UK, all mortgage advisers must be regulated by the Financial Conduct Authority (FCA) or work for a regulated firm.
You can use the FCA register to check their status and ensure they are fully qualified to provide advice and support in securing your mortgage. This is a crucial step in protecting your financial interests.
How much does it cost?
Some mortgage brokers will charge a fee for their advice, while others will provide that free-of-charge. Most brokers will get commission on mortgage deals they successfully complete for the customer.
They should give you a breakdown of their fees and charges at the beginning of the process. Make to ask any questions relating to cost you need to so that you can budget accordingly.
How many lenders do you look at?
Many brokers work across the entire market, but some are limited to a selected panel of lenders.
It's ideal to choose a broker who works with a wide range of lenders, as this increases your chances of securing the best deal tailored to your specific circumstances. A broker with access to numerous lenders can help ensure you get the most competitive terms available.
Mortgage broker FAQs
Can mortgage brokers offer mortgage loans directly?
No, a mortgage broker arranges the mortgage for you with the lender. They can't offer you the loan directly.
Once you've submitted your application via your broker, the lender will decide whether or not to accept it.
What are my rights when using a mortgage broker?
Mortgage brokers are regulated by the FCA and therefore have a duty of care to only recommend suitable products to you. They also must must tell you:
If there are limits on the range of products they can recommend
About their charges and how they are paid
What are the different types of mortgage brokers?
The main types of mortgage broker to be aware of are:
Tied or multi-tied adviser - these advisers are normally tied to one or a selection of lenders so they can only advise and recommend deals from them.
Independent – independent mortgage brokers generally work across the market so can advise on deals from a wide range of lender
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