Whether you’re remortgaging your current home, moving to a new home or if you’re a first time buyer, you can use a broker to help you find a mortgage.

You may also find our First Time Buyers Guide to Mortgages or our Guide to Remortgaging helpful if you’re about to commence either of these processes.

A mortgage broker can guide you through every stage of finding and applying for a mortgage. This includes assessing your financial situation, suggesting the most suitable mortgage for your needs and searching the market to find deals that meet your requirements. 

Different lenders provide loans based on different criteria. This means that as a result of your circumstances, you may be eligible for a loan from one provider but not another. Qualified mortgage brokers will know specific details about lenders you may not have heard of yourself as well as the different criteria that determines whether or not they’ll lend to you. 

For example, if certain lenders don’t provide loans on particular types of property or to those with unusual income situations, a broker will know and will often be able to recommend a different lender who does. 

A good broker will also get back in touch with you when your deal is nearing the end of its term and will support you through the remortgage process. 

A mortgage broker will check your finances to make sure you can afford a mortgage before you start the application process. Lenders like us will also be able to help you with this. 

Some often have exclusive deals with lenders that aren’t otherwise available if you approach them directly. 

They’ll also assist you throughout the application process and often assist you in completing the paperwork. This can be extremely helpful as it can be an in-depth and complex task and taking it off your hands can be a huge help in an overheated property market.

Whilst the mortgage market continues to face turbulence caused by rising inflation, using a broker could be more valuable than ever. What we’re seeing now is mortgage lenders tightening their lending criteria so finding the right product could prove trickier. 

This is always a good starting point whether you choose to use a broker or not as it’s free advice and if you bank with them, they’ll know you and your financial situation. They’ll be able to tell you about their own range of mortgages and you can consider how these stack up before you look elsewhere.

Yes. There are typically three types:

1. Tied: These are usually recommended to you by a mortgage provider and offer deals only from that lender so their ability to scan the wider market for the right deal is limited. 
2. Multi-tied: These will offer a range of deals from a panel of lenders, so their scope is slightly wider. 
3. Independent: These scour the whole mortgage market to find the most suitable product for you. They are also referred to as ‘whole-of-market’ for this reason.

Different brokers make their money in different ways. All will be paid a commission or ‘procuration fee’ by the lender who gives you your mortgage. This is usually a percentage of your loan but it doesn’t affect the cost of your mortgage. You will be able to see how much this is as the broker is required to include it in the mortgage illustration document they provide you. This is officially referred to as a European Standard Information Sheet (ESIS). 

Some also charge you a fee for arranging your mortgage. The amount charged can vary significantly so it’s worth bearing this in mind and checking the costs up front.

It’s worth noting that not all lenders are accessible via brokers, independent or otherwise. We at Furness have a long-standing relationship with a large network but some providers will only provide mortgages directly to you. Some also reserve some of their mortgage products for direct sales only. 

It’s important to find a mortgage broker you’re comfortable with and not all brokers are the same, as explained above. For the most impartial mortgage advice and widest range of products, an independent is likely going to be your preferred choice. However, remember their fees may differ. 

Often estate agents will also suggest one, some may even operate from the same office, but this doesn’t mean you have to use them. 

If you’re planning to use a broker to help find a mortgage, it’s a good idea to do your homework. Ask friends and family who have recently moved for recommendations, check out reviews into those in your local area and have a wider search online. 

When you have a shortlist, ask them the following questions:

• Are you qualified? 
• How many UK lenders do you work with?
• Do you have a preference for any particular lenders? 
• Do you charge a fee? If so, how much and when will this need to be paid? 

It’s often useful to have an initial chat at the very start of your house hunting journey. This will give you a rough idea of how much you’ll be able to borrow and if your circumstances could cause any issues securing a mortgage. 

If you have an irregular income or unusual financial situation it’s a good idea to do this before you have spotted the perfect property so when the time comes, you can confidently make an offer.