At Mortgage Advisers UK, we help clients with one of the biggest financial decisions in their lives: buying a house. Whether you’re a re-mortgager, investor, home-mover or first-time buyer, we can help you explore your mortgage choices. However, don’t just take our word for it: make sure you pick the right adviser with the help of our guide.
Why the right adviser matters and what buyers get wrong
The right mortgage broker can steer you through what can be a stressful time, so it’s worth trying to find the right professional for your needs. Unfortunately, not all buyers follow that advice. Here’s what they get wrong:
- Choosing the first broker they find
- Automatically choosing their bank’s broker without shopping around
- Going it alone without mortgage knowledge
- Not asking about fees or affiliations to certain lenders.
The consequences of a bad choice when it comes to mortgage brokers can be catastrophic, for example:
- missed lender opportunities
- poorly filled out applications
- lazy advice
- higher costs over time
- mortgages that are misaligned with future plans.
What makes a good mortgage broker?
At Mortgage Advisers UK (MA UK), we know that there’s more to being a good broker than finding suitable mortgages. Your chosen adviser should inspire confidence and demonstrate:
- Experience - You need someone whom you can trust. Someone who has tried and tested abilities.
- Transparency - Your adviser should be able to explain the process and work within FCA regulations.
- Communication - You need someone who can explain a complex process in an easy-to-understand way and who will respond promptly to your communications.
- Thoroughness - Your adviser should be asking you questions to make sure they fully understand your financial situation.
What types of mortgage adviser are there?
There are three types of broker:
- Whole-of-market brokers: these brokers have access to the broadest selection of products and lenders.
- Restricted-panel brokers: these brokers work for a specific group of lenders. The panel may still be large enough to meet your needs, but you should always ask about any limitations.
- Broker-mortgage advisers employed by banks or building societies: these brokers only recommend their own products.
Key questions to ask before choosing a mortgage broker
According to Mortgage Solutions there were around 24,000 brokers in the UK in 2024. To avoid picking the wrong one, it’s a good idea to pose potential brokers the following questions:
- Are you whole-of-market?
- What are your fees and charges?
- What is your availability during the buying process?
- Do you offer life assurance or mortgage protection insurance?
- How will you help and support me if an unforeseen issue arises?
What red flags should you look out for?
Here are some of the signs that a broker is not up to par:
- Doesn’t ask questions about your finances
- Doesn’t respond to queries and is frequently unavailable
- Confuses you with financial jargon.
You’ve done your homework and researched possible mortgage brokers. Now you need to compare them. To whittle down the shortlist, you can:
- Check comparison sites. Many will show additional information such as reviews, pricing, and areas of expertise.
- Get recommendations. Ask around. Who has had a good experience?
- Chosen a conveyancer? They may be able to tell you which names come up frequently.
Next steps: You want a mortgage broker who puts you at ease and that’s where we come in. The experienced advisers at Mortgage Advisers UK are ideally placed to help you find the right mortgage. Get in touch and one of our nationwide advisers will guide you through the next steps.
