Do you need a mortgage broker?

Do you really need a mortgage broker? Can you go it alone? Or should you use a professional?

Whilst you might think that a DIY mortgage application will save you money, it could end up costing you more in the long run. In this guide, we dig deep into the why and run through the benefits of going with a broker. We’ll also touch on the best time to speak to a mortgage adviser.

What is a mortgage adviser or mortgage broker?

A mortgage broker can be an independent professional or can work for a company. Your broker will arrange a mortgage between you and a lender, whether you’re buying a new property, are a first-time buyer, or are remortgaging your existing home.

They work with you to understand your mortgage needs and personal situation and will explain the different types of mortgages available. A mortgage adviser will help you choose the right mortgage for you. They will find you a deal by searching the market for suitable available mortgages to fit your requirements. And they will also help you with the mortgage application.

Do I need to speak to a mortgage broker?

Technically, no. 

You can always find a mortgage and apply yourself. But it’s a good idea to have an experienced mortgage adviser in your corner. They have the expertise to scour the market for the right deal for you and will guide you through the process. A good mortgage broker should not only save you money on your mortgage deal but also time spent on the application.

Benefits of using a mortgage broker

Mortgage brokers at Better.co.uk have access to over 12,000 mortgage deals from 100+ lenders across the market by being part of a dedicated mortgage panel. Our advisers also have detailed knowledge of the different mortgage products available from different lenders, as well as government homebuying schemes that you could take advantage of. It’s what they do every day. Doing this by yourself will take a lot of research.

They will also support you on your application and guide you through the paperwork, which can often be confusing and stressful. A good mortgage adviser will also advise on how to improve your chances of being accepted for the mortgage; this is crucial for first-time buyers with a small deposit or if you’re self-employed

Risks of not getting advice

First and foremost, if you don’t get mortgage advice you could miss out on the right deal by not tapping into the insight from an experienced broker. You could end up applying for a mortgage that doesn’t suit you. Or you could apply for a mortgage where you don’t meet the lender’s criteria.

Secondly, if your mortgage later turns out to be unsuitable for any reason, you have more rights if you took mortgage advice. You can make a complaint and can even take this to the Financial Ombudsman Service.

If you don’t take advice, you have to take responsibility for your mortgage decision. 

Do mortgage brokers get better rates?

Working with an online mortgage broker like Better.co.uk means you should get access to the most suitable rates for your personal situation. We have working relationships with lenders and know when new deals may become available.

Yes, you can do your research across multiple lenders, but without industry experience, there’s no guarantee your final choice will be the right fit. Or the most suitable rate.

Should you use a mortgage broker or go directly to a bank?

So, mortgage adviser or bank? What do you think?

If you go directly to a bank, you will only be able to apply for their available deals. You may be missing out on more suitable mortgages elsewhere. Crucially, you may also have picked a lender that isn’t always suitable for your personal circumstances. Certain banks are more willing to lend to self-employed people or first-time buyers for example.

By working with a broker, you’re placing your trust in them that they understand the lending approach of different banks.

When should I speak to a mortgage broker?

You should speak to a mortgage advisor right at the start of the process. It might be your first mortgage, a move to a new property, or a remortgage. Whatever your circumstances, getting professional help right at the start will save you a lot of time and effort in the long run. A good broker will understand the mortgage process, will explain everything you need to know and will help you with your application.

Choosing the right broker should also save you money on your mortgage. With the right knowledge, experience and access to deals, they should find you the most suitable mortgage rates and terms for your needs. 

Important info & marketing claims

You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

*The savings figure of £406 is based on Better.co.uk remortgage customers in February 2024. Read more on our marketing claims page.

We can't always guarantee we will be able to help you with your mortgage application depending on your credit history and circumstances.

Average mortgage decision and approval times are based on Better.co.uk's historic data for lenders we submit applications to.

Tracker rates are identified after comparing over 12,000 mortgage products from over 100 mortgage lenders.

As of January 2023, Better.co.uk has access to over 100 lenders. This number is subject to change.

For buy-to-let landlords, there's no guarantee that it will be possible to arrange continuous letting of a property, nor that rental income will be sufficient to meet the cost of the mortgage.