Mortgages
Do you need a mortgage broker?
1 min read · Updated
The short answer
You don't have to use a broker, but most first-time buyers do. A good broker searches lots of lenders, knows which are likely to say yes, and handles the paperwork. Check how they're paid and whether they cover the whole market.
What a broker does
- Finds deals that suit your deposit, income and credit history.
- Knows each lender's rules, so you apply where you're likely to be accepted.
- Gets your documents in order and chases the application.
- Can find lenders who'll help with things like a gifted deposit or self-employed income.
How they're paid
Lenders pay brokers a fee when a mortgage completes. Some brokers charge you a fee as well, either a fixed amount or a percentage. Many charge first-time buyers nothing. Ask before you start, and get it in writing.
Questions to ask
- Do you search the whole market, or a panel of lenders?
- What do you charge me, and when?
- Are you on the Financial Conduct Authority register? You can check at register.fca.org.uk.
Was this helpful?
A guide, not financial or legal advice. Rules and rates change, so check with your lender, broker or solicitor. Where our numbers come from.