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How to Find a Mortgage Broker

Finding a mortgage broker

Whether your are seeking a mortgage for the first time or are preparing to remortgage your property, an expert mortgage broker can help you find the best options to suit your situation. Completely free of charge, Plentific offers a service that generates a list of the best mortgage brokers in your local area while also giving you quick access to customer reviews to help you make the right hire.

What do you need to know about finding a mortgage broker?

The first thing to know about mortgage brokers is that they offer a much more personal service if they are not connected to a major bank. Such brokers are unlikely to advise you on any options outside of those offered by their employer, while working outside of a bank means your mortgage broker can examine as many lenders and policies as possible before highlighting options that suit you. Remember to be cautious if an estate agencies pushes the services of an in-house broker, as in this case they will want a mortgage to suit them as well as you.

A degree is not required for someone to qualify as a mortgage broker, though they must at least have an appropriate qualification recognised by the Financial Conduct Authority (FCA), which they will have gained through an employer. Do not be afraid to ask for reviews from your choice’s previous customers, as you may want to make sure that they are confident in dealing with situations similar to yours. This is particularly important if your situation is unusual; that is, if you are self employed or a contract worker, or if your property is less likely to be attractive to banks. Avoid any mortgage brokers that offer you shortcuts for your applications or offer you quotes far below their competitors - there are very strict industry rules and guidelines when it comes to financial advice of this nature, so you do not want to hire anyone dodgy.

When hiring a mortgage broker you must have the relevant information available for them to do their work. This includes information on your income and asset and employment documentation. They will need to evaluate your circumstances as closely as possible to make sure they can get you the most appropriate mortgage options.

What does a mortgage broker do?

A mortgage broker is a professional you can hire to assess your financial situation and find you your best options when you are looking for a mortgage. They are essentially a middleman between you and the lender. Mortgage brokers that are independent from banks can give you a lot of personal attention as they are free to examine as many options as possible to find you the best deal. They will begin the process by looking at your ability to maintain financing, including your income and employment documentation. Overall their service is highly bespoke. They are excellent advisors, helping you choose the best option and eventually submit your mortgage application.

How much does it cost to hire a mortgage broker?

Mortgage brokers can charge you for their services in a number of different ways. Try to avoid any that charge a percentage of the loan amount. You will usually be charged a set fee of around £500 and the broker will then get a commission from the lender. Certain brokers may do this and rebate some of the commission to you. Some may simply rely on the commission from the lender and charge you nothing.

Before choosing a mortgage broker be sure to have a number of quotes to compare. Remember, you are paying for expertise, but at the same time you want value for money, so do not be afraid to ask for price breakdowns to help you make your decision. Also be aware that one of the main reasons to hire a mortgage broker in the first place is to save you money in the long term, so try and take this into consideration when they go through the available rates with you.

Latest Mortgage Broker Jobs

Cem S.

Hi, require a flexible Buy to let mortgage for a £2.2m residential home in Clapham. Rental value £1.2-1.3k a week. Looking to refinance a development loan and interested in the highest LTV option. The property is owned under a Ltd in the UK. Thanks, Cem

Tamara M.

Hi Chris, we would like to receive an advice on the options that we have with our current financial situation. What we can afford and what would potentiall be the cost of mortgage and all the other fees. We are 1st time buyers, joint application with my husdband. Both full time workng. Thanks

Tayyab Q.

Want to buy a property and already have one on name . Buy to let this time

Asif A.

On behalf of customer -- Offer accepted for Purchase -- Property Value 450,000 Post code SM4

Latest Mortgage Broker Reviews

by Haris K.
We hired Coreco last year on a recommendation. We were very pleased with our choice, in particular dealing with Tom was a pleasure. He is a consumate professional, to the point and always available to his clients.
by Neil D.
I would have no reservations in recommending Chris Pownall of Regency Mortgage Services, who recently acted on my behalf concluding a very challenging and complex set of property transactions to a tight deadline. Chris was always pro-active and one step ahead of both myself and the mortgage companies to ensure the various mortgages came together in sequence. This included the renting of my existing domestic property, necessitating switching form a normal mortgage to ‘Buy to Let’. At the same time the original family home mortgage had to be partially paid down and then transferred to another property being purchased for my son. In parallel I purchased a new family home on a new mortgage with a different provider. Each mortgage transaction had to be agreed and approved to transfer on a specific day as they were all interlinked. The whole process was made more complicated by one of the mortgage companies not understanding its own processes, something Chris resolved by taking the initiative to walk them through it step by step. The whole combination of transactions fell in place as required, the result of detailed planning and follow up by Chris. I can personally vouch for the fact that he leaves nothing to chance and has an impressive follow up system to ensure nothing is left to chance. I can enthusiastically recommend Chris and have no hesitation in saying I would always use him in the future.
by Nag D.
Regency Mortgage Services provides the best mortgage advice in the market and provided calm, professional input and support throughout the whole mortgage process. Thorough, dedicated and focused on providing the advice on Mortgage and Insurance products. I couldn't have bought the house without Regency.
by Charlotte K.
Chris was really helpful and supportive when we bought our first house. He answered all our questions and got us a really good deal! I definitely plan to use him in the future.