Sammie Ellard-King
I’m Sammie, a money expert and business owner passionate about helping you take control of your wallet. My mission with Up the Gains is to create a safe space to help improve your finances, cut your costs and make you feel good while doing it.
Quickfire Roundup:
There are plenty of online searches that can be carried out to help you find a mortgage broker. A mortgage broker is there to find you the best mortgage deal possible.
An independent mortgage broker will be able to search the whole of the market on your behalf, ensuring that you only apply to lenders that suit your needs.
No matter which mortgage broker you use, you need to ensure that they are regulated by the Financial Conduct Authority.
When looking at how to find a mortgage advisor UK, you need to be sure that you know just what you’re looking for.
By choosing the right mortgage broker, you can access the best deals around and make the mortgage application process so much simpler.
Just as with many things in life, not all mortgage advisers are created equal. My own personal experience with online mortgage brokers has shown me what a huge difference difference good and bad ones can make.
Finding a mortgage that suits your needs is stressful enough so you want to ensure you’re in good hands.
As you read on, I’m going to be covering top tips on how to find the mortgage advisors that can offer you the most assistance, how to prepare for any meeting and the top questions you need to be asking.
Boon Brokers are one of the UKs leading online mortgage brokers. They have a 5-star excellent Trustpilot rating with over 543 reviews.
- No mortgage fees
- Whole of market access
- Free online consultations
- Directly authorised by the FCA
- No in person meet ups
Table of Contents
How to find a mortgage advisor?
You can find a mortgage broker by carrying out research online.
You’ll find that there are mortgage advisors that you can arrange to meet face to face, as well as online mortgage brokers where you don’t even need to leave the house.
The role of a mortgage broker is to help you to secure a mortgage with the best possible terms for your circumstances.
In truth, you don’t have to have a mortgage broker. There is nothing to stop you from carrying out your research and exploring the many mortgage deals out there.
The thing is, this can be hugely time-consuming and you may not fully understand exactly what your looking at.
Throw into the equation things such as bad credit and the work of a mortgage adviser becomes even more valuable.
Mortgage Advisor vs Broker
When distinguishing between a mortgage advisor and a broker in the UK, it’s essential to understand their roles and how they can assist you in the mortgage process.
Mortgage Advisor
- Definition: A mortgage advisor is often employed by a specific lender and provides advice on the mortgage products of that particular lender.
- Role: They assess your financial situation and advise on the suitability of their employer’s mortgage products.
- Limitations: The main limitation is that they represent only one lender’s products, limiting your options to what that lender offers.
- Regulation: Like brokers, they are regulated by the Financial Conduct Authority (FCA) and must adhere to specific guidelines ensuring they provide appropriate advice.
- Ideal For: Those who are interested in the products of a specific lender or who already have a banking relationship with a particular institution.
Mortgage Broker
- Definition: A mortgage broker is an independent professional who can access mortgage products from the whole market or a wide range of lenders.
- Role: They evaluate your financial situation and search across multiple lenders to find mortgage deals that suit your needs.
- Access to Deals: Brokers often have access to exclusive deals not available directly to consumers.
- Cost: Some brokers charge a fee for their service, while others receive commission from the lender.
- Ideal For: Individuals seeking the best possible deal across the entire market or those with unique circumstances, such as self-employment or poor credit history.
Choosing the Right Service
- Research: Look for advisors or brokers with excellent reviews and a strong track record.
- Qualifications: Ensure they are qualified and registered with the FCA.
- Fees: Understand their fee structure and what you are paying for.
- Personal Needs: Consider your specific requirements and whether you need the broad market access a broker provides or are content with the offerings from a single lender.
Ultimately, the choice depends on your personal circumstances and preferences. A mortgage broker can provide a broader perspective on the market, while a mortgage advisor is more focused on the products of a specific lender.
How to find a good mortgage broker?
Good mortgage brokers can help you by offering mortgage advice and they work as an intermediary of sorts.
A mortgage broker doesn’t offer or provide mortgages. Instead, they link you with the lenders that have the mortgage product that suits you best.
A good mortgage broker has relationships with a range of lenders and knows just what their requirements are.
They are able to review your circumstances and financial situation, before discussing all the deals that are open to you. They will have knowledge of mortgage products and even lenders, that you knew nothing about.
I used Boon Brokers below to get my mortgage sorted. They were amazing from start to finish plus they’re free!
For me they’re the best online mortgage broker on the market right now.
Boon Brokers are one of the UKs leading online mortgage brokers. They have a 5-star excellent Trustpilot rating with over 543 reviews.
- No mortgage fees
- Whole of market access
- Free online consultations
- Directly authorised by the FCA
- No in person meet ups
What if I'm self-employed or own a business?
If you are self-employed or a business owner looking for a mortgage then still speak to an online mortgage advisor.
Yes, it is harder to obtain a mortgage but far from impossible. It just requires a bit more paperwork and often some questioning regarding your business.
Why it's important to use a top mortgage broker
In a nutshell, a mortgage broker can save you time and money. When you use a mortgage broker, you’re bypassing the trial and error that comes in when going it alone.
Here’s a more detailed look at what mortgage brokers have to offer, and why you should be using one:
Access to the best mortgage deals
When you use an independent mortgage broker, they will have access to the whole market.
That means that, rather than being restricted to mortgage products from one lender, they can search an array of providers to get you the best deal.
When trying to find a mortgage broker, be sure that they cover the whole market as you’ll find that this can give you access to direct deals with favourable interest rates.
Mortgage brokers offer expert advice
There are so many mortgages out there and the average person hasn’t go a clue when it comes to where to start. A mortgage broker is an expert in their field and they understand the product and the lender that best suits you.
A good mortgage broker can help you avoid rejection
Applying for a mortgage and being rejected isn’t only frustrating, but it can have an impact if you try and approach any other lender too. To have the best chance of success, you need to be 100% honest with your broker.
They can guide you to lenders that can assist with bad credit and a host of other issues. They know the mortgage lenders that will say yes.
Top mortgage brokers just make things easier
Not all brokers will have the same systems, but the best ones have access to software that can search the whole of market at speed.
That means that they can find the best mortgage deals fast and then get on with assisting with the rest of the mortgage process.
Mortgage brokers are there for you
A mortgage broker can only help if you tell them everything about your financial situation, warts and all. The thing to realise is that there is no reason to hold back.
Good brokers have seen it all before and, by being honest, they’ll know if you need a specialist mortgage and can take you through the process to secure one.
You're protected when using a mortgage broker
Go it alone and get it wrong, and you’re only left with yourself to blame. However, if a mortgage broker gives you the wrong advice, you have the right to complain, and you could even be compensated.
That’s because regulated mortgage brokers are covered by the Financial Conduct Authority and the Financial Ombudsman Service.
The Financial Ombudsman Service can help to deal with issues around early repayment charges, equity release and other issues that may arise after a mortgage has been granted.
What to expect from your first meeting with a mortgage broker
Of course, your goal is to get mortgage advice and the best mortgage deal possible. First though are you buying your first home or do you need a mortgage for a second home?
Before you get there, your mortgage broker will need to cover the details of your circumstances. They will need to know in both cases:
- Details of your income
- Your expenditure
- Other debts that you’re still paying for
- The number of dependants you have
- The purchase price of any property you may be looking at
- The deposit you have available
With traditional brokers, you may end up meeting in an office. Some local brokers will even visit you at your current home.
If you opt for an online mortgage broker, you’ll be required to upload documents and fill out online forms.
Boon Brokers are one of the UKs leading online mortgage brokers. They have a 5-star excellent Trustpilot rating with over 543 reviews.
- No mortgage fees
- Whole of market access
- Free online consultations
- Directly authorised by the FCA
- No in person meet ups
Preparing for your mortgage broker meeting
When you find a mortgage broker that you’re set to meet with, it’s best to prepare so that your meeting runs as smoothly as possible.
To make your meeting as productive as possible, it’s good to have certain documents ready to take with you, such as:
- Payslips
- P60s
- 6 months of bank statements
- Details of other debts
- Copies of your credit report
Be prepared to be 100% open. Even if the information you provide paints a gloomy picture, a specialist broker may still be able to help.
What questions to ask a mortgage broker
When you’re exploring mortgage brokers, there are key questions that you need to ask. Answers to these will ensure that you have a mortgage adviser that’s best placed to help you.
Here’s a look at what you need answers to:
- Are you a regulated mortgage broker? – A good mortgage broker will clearly display that they are regulated and you can search the FCA website to confirm.
- What are your fees? – Broker fees vary. Some mortgage brokers will charge fees that are fixed. These are likely to be between £500 and £1,000. Other brokers won’t charge you a fee as they will be paid by the lender.
- What mortgage type suits me best? – Good mortgage brokers should be able to advise on the various mortgage products that exist. They should be able to let you know if a fixed rate deal is best or if you should be exploring tracker mortgages, interest-only mortgages or those with a discounted rate.
- What fees will I need to pay the lender? – After showing you the recommended mortgages, a broker should be able to explain all of the fees that come into play. There will be various fees along the way up until your mortgage completes, and you need to be able to budget for these.
- How long will it all take? – With a good broker on board, the whole mortgage application process should be much faster than going it alone.
Boon Brokers are one of the UKs leading online mortgage brokers. They have a 5-star excellent Trustpilot rating with over 543 reviews.
- No mortgage fees
- Whole of market access
- Free online consultations
- Directly authorised by the FCA
- No in person meet ups
FAQS
Do you have to pay for mortgage advisor UK?
Yes, you typically have to pay for a mortgage advisor in the UK, but how you pay can vary.
Some advisors charge a flat fee, which can range from £300 to £600, while others might charge a percentage of the loan amount, typically around 1%.
Some advisors are fee-free and instead receive a commission from the mortgage lender, but they may not cover the whole market.
It’s essential to discuss payment structure upfront to understand the costs involved and ensure transparency.
Is it better to get a mortgage from a bank or broker UK?
Whether it’s better to get a mortgage from a bank or a broker in the UK largely depends on your individual circumstances.
Direct banks can offer competitive rates, especially for existing customers, and you might prefer to manage all your finances in one place.
However, mortgage brokers can provide a broader view of the market, potentially giving you access to a larger variety of loan types, terms, and rates.
Brokers can also save you time and effort by dealing with loan applications and negotiations on your behalf.
Both options have their merits, so it’s about finding the approach that suits your needs best.
How much does it cost to speak to a mortgage advisor?
The cost of speaking to a mortgage advisor can vary significantly based on the advisor’s payment structure.
Some advisors may offer a free initial consultation, while others might charge a flat fee or a percentage of your loan amount for their services.
Flat fees typically range from £300 to £600, whereas if the fee is based on the loan amount, it’s usually around 1%.
There are also fee-free advisors who receive commission from lenders. Therefore, it’s essential to clarify this cost upfront when choosing a mortgage advisor.
Final thoughts on finding the best mortgage brokers
When looking for a mortgage broker, you have various options. You can seek recommendations from family and friends, or you can head online and carry out your own research.
Using a mortgage broker is vital to finding the best deals and you’ll find that securing a mortgage, via a broker, is that much easier.
Be sure that any mortgage broker you use has access to the whole mortgage market. This means that they’re not tied to one or two lenders so you can find the most competitive products.
Whether you opt to explore online mortgage brokers or meet face-to-face, be sure to check that your broker of choice is regulated. With this safety net, you can move forward with confidence.
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Disclaimer: Content on this page is for informational purposes and does not constitute financial advice. Always do your own research before making a financially related decision.
