Should I use a mortgage broker when applying for a mortgage?

Applying for a mortgage can feel like an overwhelming task. Mortgage brokers can help you find the best deal for your circumstances, speeding up the paperwork and liaising with the seller’s solicitor. In this guide, we’ll explain what mortgage brokers do, how to choose one and their costs.

What does a mortgage broker do?

A mortgage broker (or adviser) mediates between you and the lender. They assess your financial situation and match it with the best deal.
There are two types of mortgage brokers: independent (or whole-of-market) and ‘tied’. The former can source mortgages from a wide range of lenders, while the latter usually recommends deals with a specific lender.

The advantages of using a mortgage broker

Using a mortgage broker brings significant advantages because:
  • They know the market and the latest mortgage rates 
  • They have access to many lenders, meaning more chances to find the best deal 
  • They may have access to exclusive deals that would otherwise be unavailable
  • They offer advice and guidance throughout the buying process
  • They help you finalise the paperwork

How much does a mortgage broker cost?

The average cost is £500, but this varies from broker to broker. Mortgage brokers can charge in different ways, including:
  • Fixed fee
  • Hourly rate
  • Commission
  • Percentage – the broker sets the fee as a percentage of your mortgage
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