Finding a mortgage can feel complicated. First, you need to compare rates, then understand lender criteria and lastly choose a mortgage product that suits your plans. However, a mortgage broker can guide you through these decisions and manage much of the application.
A broker could save you time whether you are a first-time buyer, moving home or remortgaging. Their knowledge may be especially useful if you are self-employed, have bad credit or need a less common type of mortgage.
Why use a mortgage broker?
LENDER CHOICE
Compare options from 100+ lenders
Compare rates, fees and lender criteria to find mortgage options that may suit your circumstances.
PERSONALISED ADVICE
Obtain advice tailored to you
Recommendations consider your income, deposit, credit history and plans, not just the headline rate.
LENDER CRITERIA
Find lenders that fit your circumstances
Different lenders use different criteria, so the right match can depend on your income, property and financial position.
APPLICATION SUPPORT
Get support through your application
Your broker can help with paperwork, lender queries and progress updates to keep your application moving.
How much could you borrow?
Use our affordability calculator for a quick estimate.
What is a mortgage broker?
A mortgage broker, also called a mortgage adviser, helps you compare mortgage options and apply for a suitable deal.
They act between you and the lender, reviewing your circumstances, comparing available products and helping manage the application. The lender still provides the mortgage and makes the final lending decision.
What does a mortgage broker do?
A mortgage adviser reviews your income, spending, deposit, credit history and property plans. They use that information to assess your options and identify lenders whose criteria may fit.
Mortgage options
A broker can explain the types of mortgage available and identify options that may suit your circumstances.
Rates and costs
They compare interest rates, fees and product features rather than looking only at the headline rate.
Personal recommendations
A regulated adviser considers your finances and circumstances before recommending a suitable mortgage.
Application support
They can prepare your application, deal with lender queries and help manage the process through to offer.
When to speak to a mortgage broker
Before you start viewing homes
Get an idea of your likely borrowing range and set a realistic property budget before you begin your search.
When you are ready to apply
A broker can compare suitable mortgage options, check lender criteria and help prepare the information needed for your application.
Before your current deal ends
Review remortgage options before your existing deal expires and you potentially move onto your lender’s standard variable rate.
Get ready to make an offer
Receive an early indication of what a lender may be willing to lend.
Mortgage broker benefits and drawbacks
Potential benefits
Save time
A broker can narrow the search and handle much of the paperwork.
Get tailored advice
Recommendations consider your finances, plans, fees and affordability.
Access more options
Some mortgages are available only through brokers, depending on their lender access.
Possible drawbacks
You may pay a fee
Broker charges vary, so check how and when you will pay.
Not every lender is covered
Some brokers use a limited lender panel, while some deals are direct-only.
Service can vary
Check FCA status, experience, lender access and how the broker will support you.
What do mortgage brokers charge?
A mortgage broker fee can cover the work involved in comparing lenders, recommending a mortgage and managing your application.
Broker fees vary. Some charge a fixed amount, a percentage of the mortgage or an hourly rate. A broker may also receive commission from the lender after arranging your mortgage.
Before you agree to the service, the adviser should explain how they receive payment and outline all costs. Compare each broker’s fee with their lender access and level of support.
Muttuo’s mortgage advice fees are:
- Existing Muttuo customers: No advice fee
- Standard mortgage advice: £495
- Complex mortgage advice: £745
If an advice fee applies, you only pay it after receiving a mortgage offer from a lender.
Worth knowing
Ask how a broker is paid and when any fee becomes payable before agreeing to proceed.
How to choose a mortgage broker
Ask these questions before agreeing to mortgage advice:
- Is the firm on the FCA Register?
- What lenders and mortgage products can they consider?
- What fees do they charge and when are they payable?
- Who will manage your application?
- How will they keep you updated?
Check the firm and its permissions using the FCA Firm Checker or Financial Services Register. Reviews can help you assess the service, but they should not replace regulatory checks.
How Muttuo Mortgages can help
Choosing a mortgage can involve a lot to consider. We can help you understand which options may suit your needs.
Compare rates, fees and product features
Explore options from more than 100 lenders
Understand which lenders may suit your circumstances
Talk through your options
Compare mortgage options and get help understanding the rates, fees and features that may suit you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Your mortgage broker questions answered
Do you have to use a mortgage broker?
No. You can apply directly to a lender, although a broker can help compare options and manage the application.
Can a mortgage broker help with specialist circumstances?
Potentially. A broker may be particularly useful if you are self-employed, have adverse credit, need later-life borrowing or are buying an unusual property. Relevant experience and lender criteria still matter.
Can a mortgage broker access every lender?
Not necessarily. Broker lender access varies, and some mortgage products are available only directly from lenders.
Should you use the broker recommended by an estate agent?
You can, but you are free to choose another broker. Compare fees, lender access, service and FCA status before deciding.
What is the difference between a mortgage broker and a lender?
A mortgage broker helps you compare mortgage options, understand lender criteria and manage your application. A lender is the bank or building society that provides the mortgage and makes the final lending decision.
A broker can recommend a suitable mortgage based on your circumstances, but they do not provide the loan or guarantee approval.
