With more than one hundred mortgage lenders and thousands of different products to choose from, your challenge is to find a lender that will be willing to lend to you on favourable terms.
There is more to this challenge than meets the eye, as every lender has its own take on who they are willing to lend to and on what terms.
Use a mortgage broker to match you up with the right lender and the right product. Not only do they have the experience of knowing which lenders will be the best fit for your context, they also know which lenders offer the best service and the quickest turn-around times. Let a broker do the heavy lifting for you – you will save yourself significant time and effort, and probably some money.
Choose a broker that will work the way you want to work, AND that has the expertise to deal with your particular financial context. Choose from the options below
Which sound most like you:
You value always having a real and qualified person on hand to support you
Use an in-person brokerage
An in-person brokerage offers hands-on guidance and a dedicated adviser who can support you at every step. This will work well if you prefer to always have a “go to” person, or if you have unique or complex financial needs. This will usually be over the telephone but could also be face to face.
Typical cost will be between £300 and £500, but please confirm the fees in your first conversation.
Confirm with your broker that they are “whole of market”. This means they are able to access mortgage options from just about every lender in the UK
JustOneHome recommends
We Are Mortgages is an award-winning brokerage with national coverage, able to draw on the whole of the mortgage market.
Five-star rated across hundreds of TrustPilot and Google Reviews, We Are Mortgages places their clients at the heart of everything they do, ensuring the best possible journey and a lifelong relationship you will want to recommend to others.
Whether you prefer telephone or video calls, they can cater for your preference and can’t wait to get to know you.
How to find an in-person broker
It is always a good idea to get recommendations from friends or family. Just make sure their recommendations are relevant to your particular needs.
You can of course always do an internet search, but you may be better of using sites that specialize in finding mortgage advisers in the UK. Here are two of the most popular sites for this
vouchedfor.co.uk lets you search for advisers and adviser firms near you without having to supply any of your details.
In addition, they will show you ratings and reviews from other customers who have used a particular adviser.
unbiased.co.uk works with over 27,000 financial advisers across the UK. They will match you with a qualified and FCA-regulated advisor that suits your particular context.
Unbiased requires your contact details, details of your mortgage requirement and an idea of how much you earn. They will then recommend a financial adviser, who will reach out to you by phone.
You prefer to do your own research and make your own decisions
Use an online or digital brokerage
Digital brokerages allow for quick, self-guided mortgage searches and comparisons. This is ideal for clients who are confident about managing their own application process. These brokers provide platforms for direct access to mortgage deals, potentially saving time and cost.
Since these type of brokers rely heavily on technology, they are often free or much cheaper than an in-persion brokerage. As always, just confirm the cost upfront before you commit.
With most digital brokers, you will be able to get an Agreement in Principle online without having to speak to anyone, and without any further commitment to using the broker.
Be prepared to do your own research, as these services may not offer a fully personalised service.
JustOneHome recommends
As one of the first online mortgage advisers, Habito scores very highly on TripAdvisor.
Not only will they arrange a mortgage for you for free, they also offer an all in one service that includes arranging a mortgage and handling the property survey and conveyancing for a very reasonable price.
Also consider
Mojo is another highly rated online mortgage broker, offering free mortgage advice and free mortage application online
Better guides you through the mortgage process with expert advice, and a personalised service. Applying for am ortgage through Better is free, but like Habito, they also offer a more comprehensive home moving service at a fixed fee
You value the convenience and speed of doing it yourself, but would still like professional advice and support
Use a hybrid broker
Hybrid brokerages provide a mix of digital convenience with access to professional advice. Start the process online, then receive support via phone or video calls when you need personalised advice. This model is ideal if you want a streamlined process but with professional guidance.
Typical cost ranges from free to £500, more if you have complex requirements. Be sure to confirm the cost that will apply to on your first interaction with the broker.
Hybrid brokers should be more than happy to furnish you with an Agreement in Principle without any further obligation, so speak to them early on in your property search.
JustOneHome recommends
Founded in 1999 as London & Country, a telephone based mortgage adviser, L&C is now one of the largest fee free mortgage brokers in the UK.
With class leading online tools and regularly featuring in “best of” lists, we strongly recommend you give them a look.
Also consider
Purple Bricks Mortgages You may think of Purple Bricks as an estate agency, but they also have an independent mortgage company that offer brokerage services to anyone looking to mortgage or remortgage.
You have a chequered credit history or a slim credit file
Use a mortgage broker that specializes in complex cases
Although any mortgage broker will do their best to obtain a mortgage that suits your own cirucmstances regardless of what those are, not every broker will have the necessary specialized experience.
Some brokers might explicitly point you towards an expert, but others might try to deal with your case themselves even if they don’t have that much experience. Your best bet is to always explicitly ask your
Specialist brokers that focus on clients with poor or limited credit histories often have connections with lenders that are more flexible about credit issues, increasing your chances of approval.
Specialist mortge brokers will normally charge a higher fee
It requires more work to source and help you apply for a mortgage if you have a poor credit record, which will be reflected in the fees the broker charge. Please make sure you understand and are comfortable with their fees
JustOneHome recommends
Simply Adverse focuses on sourcing mortgages for people with a history of adverse credit. Their fee is typically calcualted as a % of the loan value, but you will only pay this if and when you accept a mortgage offer through them.
Also consider
The Mortgage Hut offers their services to all types of customers, but they have specialists who deal specifically with bad credit mortgage.
You are self employed or have an irregular income
Use a specialist mortgage broker
These specialist brokers have expertise in navigating mortgages for individuals who are self-employed, do contract work or have variable income as opposed to earning a regular salary from a single employer.. They work with lenders who will consider alternative supporting documentation such as tax returns or business account instead of regular payslips.
The broker fees will typically be somewhat higher than it would be if you were on a straightforward salary, so carefully shop around before you commit
If you have been self-employed or contracting for three years or longer, and your income has been consistent (or going up) you won’t necessarily need to use a specialist service. Explore the more traditional routes before you approach a specialist broker
JustOneHome recommends
Haysto understand the unique challenges that come with being self-employed, like proving income and dealing with irregular cash flow.
Their website contains a comprehensive set of guides for established and new sole traders, contractors, agency workers, company directors and more
Also consider
New Wave specialises exclusively in self-employed mortgages. Their expert consultants and and in-house underwriting team will be able to identify as broad as possible a range of mortgage options for the self employed.
You want to buy a second home or a investment property
Use a broker with specialized expertise in buy-to-let or second homes
Purchasing a second home involves navigating specific considerations such as higher deposits, tax implications, and affordability assessments taking existing commitments into consideration.
Holidays home may have unique financing needs, particularly if intended for seasonal rentals. Buy-to-let investments require meeting specific rental income criteria. Purchasing a home for a family member might involve family-assisted mortgage options.
A second home specialist will understand all of the above. Look for a specialist whole of market broker who can provide tailored guidance to ensure you have access to the widest possible range of mortgage options.
Here are a few to consider
The Buy-to-let Broker focuses on finance for investment properties, including buy-to-let, SPV limited company funding, bridging finance, HMO mortgages, multi-unit-freehold blocks, commercial finance and development finance.
Fox Davidson offers advice and mortgage brokering for second homes, investment properties, property development and financing for business premises
Knight Frank Finance is a whole-of-market who focuses on the higher end of the market and high net-worth individuals. They offer a personal broker service covering everything from from straigthforward residential property mortgages to overseas real estate investment and more
You prefer not to use a mortgage broker
There are plenty of ways in which you can find and arrange your own mortgage, but why would you want to do that? Using a mortgage broker has many upsides and no real downside. Here is why.
A broker will save you time and effort
The main reason why you should consider using a broker is because it will save you time, effort, and hassle in so many ways.
Lenders have very complex and highly variable lending criteria. You need to supply a large amount of details about yourself and your co-applicants to find out whether you really qualify for a specific mortgage product.
If you approach lenders directly, you will have to supply the same details to many different lenders over and over again, and this just to find out if you may qualify for a specific mortgage deal or not. If your situation is very straightforward, perhaps this might not be a big deal, but you never know until you start your application process, so why take the risk?
If you use a broker, you only have to provide your details once, and let the broker do the heavy lifting (they have tools that makes this job much easier for them than it would be for you).
Brokers know the lenders they work with well – by just looking at your details, they will already have a good idea which lenders will be a good fit for your situation, and more importantly, which ones won’t.
Moreover, they also know how long it takes on average for a lender to process your mortgage application. This could be anything from a few days to more than a month in extreme cases. If you are in a chain, this may become a very important consideration in your choice of lender.
If cost is a concern
Although some mortgage brokers charge a fee (and deliver a more bespoke service in return), there are plenty of brokers who do not charge you at all. Applying through a broker won’t have to cost you a penny more than if you were applying directly through the lender.
Use a broker to your own advantage
Not everyone knowns this, but a mortgage offer is normally valid for around 6 months. So from the date that you get your mortgage offer, you have six months to decide whether you are going to accept the offer. There is absolutely no obligation on your side, but the lender has to honour that offer, even if interest rates change.
If you work through a mortgage broker and a better deal becomes available after you have received your initial offer, you can just ask your broker to apply for the new mortgage, with very little effort needed from your side. This alone could be worth thousands of pounds over the duration of a mortgage.
Most brokers do not charge for advice, they only charge when you are ready to submit your mortgage application, which means the option of applying for a mortgage yourself is always available to you.
What about direct-to-the-public only deals?
A few lenders, for instance First Direct, do not offer their mortgages through brokers. Other lenders may on also have specific deals that are only available direct to the public Your own bank might also offer deals that are only avaiable to existing customers.
If you are concerned that you might miss out on any of these deals, use site like monesavingsexpert.com or moneysupermarket.com and your bank’s own website to see the “best” deals available whether through a broker or direct to the public.
Remember that you are not tied in to the broker until you actually apply for the mortgage. If you do find what looks like a better deal, we would still recommend that you discuss this with your broker. They may be able to match the deal you found, or point out some issues that isn’t immediately obvious.
By law all mortgage brokers must be authorised by the Financial Conduct Authority. The FCA applies a very strict set of guidelines designed to protect your interests. To confirm that your broker is authorised, ask them for their FCA registration number, and confirm it at https://register.fca.org.uk/