Do I need a mortgage adviser?

Whether you’re buying a property or just remortgaging, mortgage advice can be a great help.

Taking advice can make the difference between a successful mortgage application and being rejected.

It may also lead to a better deal, potentially saving you thousands of pounds over the mortgage term.

What is a mortgage adviser or mortgage broker?

A mortgage adviser is a qualified professional who specialises in finding the most suitable mortgage deal for your circumstances.

In the UK, mortgage advisers are regulated by the Financial Conduct Authority (FCA) to ensure they meet professional standards.

Often they will be called mortgage brokers, but there is no real difference between an adviser and a broker.

The only significant difference you need to consider is between independent mortgage brokers and 'tied' mortgage brokers.

An independent broker can source mortgages from the whole UK market, while a tied one will be restricted to certain providers, so may not be able to find such good deals.

It’s also worth noting some brokers operate as "multi-tied" brokers, meaning they work with a panel of lenders but not the entire market.

As well as information on mortgage advisers, we also have helpful articles on the differences between financial advisers and accountants.

A mortgage adviser/broker is usually a dedicated mortgage specialist, though some independent financial advisers (IFAs) also give the same kind of mortgage advice.

Typically, a mortgage adviser will increase your chances of securing a mortgage and also of finding the best value mortgage deal for you.

When should I seek mortgage advice?

If you’re a first-time buyer, then you have the most to gain from mortgage advice, as the application tends to be more challenging (and the whole process will be new to you).

However, a mortgage broker can be useful for any kind of mortgage application.

Additionally, mortgage advice can be beneficial if you are a self-employed individual or have an irregular income, as these cases can be more complex.

Other times when you may need advice include remortgaging, buying your next home or a second property, especially if you need to borrow more.

An adviser can also find you the special mortgages you’ll need if you buy-to-let, or purchase business premises or a holiday home.

Finally, mortgage advice can also help you tap into the value of your home in later life through equity release.

Use our mortgage calculator to find out how much you could borrow, how much it might cost a month and what your loan to value ratio would be.

You can also find out information on Islamic/halal mortgages here.  

What are the benefits of a mortgage broker?

An independent mortgage adviser is not restricted to any particular providers and will act solely in your best interests.

You can, therefore, be confident that the deal they recommend will be the best available mortgage for your circumstances.

A mortgage adviser should also:

• Explain the various mortgages available and the different types of deals
• Advise you on how much you can afford to borrow
• Have access to special mortgage deals that are not available on the open market
• Help you prepare for your application to boost your chances of success
• Be able to save you money overall by finding a mortgage with lower interest rates and fees

Remember that every unsuccessful mortgage application may harm your chances of success next time around, as each refusal will appear on your credit record.

Using a mortgage adviser will maximise your chances of being accepted the first time.

How to find a mortgage broker

There are two ways to find a mortgage broker on Unbiased.

The first way is to use our Match tool. Just enter some details about your circumstances and requirements, and our system will match you with the nearest suitable adviser.

You should get a match within 48 hours (often, it’s much quicker).

The second way is to search and browse. Enter your postcode to see a list of mortgage advisers in order of distance from you. You can then refine your search (e.g. to find advisers with specialist experience or particular qualifications).

What does it cost to use a mortgage broker?

Mortgage brokers charge in a variety of different ways.

Some mortgage advisers will charge an upfront flat fee, while others will take a commission from the bank or lender providing the loan.

Be sure to discuss fees at your first meeting with the broker. Ask how they are paid and what it will cost you, and get a written quote.

Remember that using a mortgage broker should mean that you spend less money over the long term, so have the adviser explain to you how their fee is justified.

Your first meeting with your mortgage adviser

Before your first meeting with a mortgage broker, you may want to use our online mortgage checklist to test the strength of your current mortgage application and find out what questions you may need to ask.

At your first meeting, ask your adviser whether they can source direct deals (these may offer special rates or discounts).

If your adviser recommends a particular mortgage to you, ask them to explain in detail why this deal is most suitable for you.

A good mortgage adviser may also offer useful tips and guidance throughout the home-buying process, so be sure to find an adviser with whom you get along well.

Get expert financial advice

If you're considering a mortgage, whether as a first-time buyer or a seasoned homeowner, seeking advice from a mortgage broker can be invaluable.

An independent mortgage broker can offer access to a wider range of products, potentially securing a more competitive deal tailored to your needs.

With the right advice, you can navigate the complexities of mortgage applications, save on interest, and increase your chances of approval. This should save you time, stress, and money in the long run.

Unbiased will match you with a qualified mortgage broker who can provide expert advice, guide you through the mortgage process, and help you secure the best possible deal for your financial situation.