Get a personalised mortgage recommendation from the experts at Mojo Mortgages:
Free advice and expertise from qualified advisers
They'll compare deals from over 90 lenders to help you find the best mortgage rate for you
A hassle-free process – and no broker fees
Add your details and Mojo will help find the right mortgage deal for you.
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Winner of the Best Mortgage Broker award at the British Bank Awards 2019
A mortgage broker (also known as a mortgage adviser or advisor) is a financial adviser who specialises in mortgages.
A broker can arrange the mortgage between you (the borrower) and a bank or building society (the lender).
Let us know your details so we can understand your mortgage needs and affordability.
There are over 10,000 mortgage deals to choose from, so we'll help you with that.
Mojo will provide expert advice and submit the application for you - and they won't charge any broker fees.
Mojo is a free online mortgage broker. We partner with them so you can get all the mortgage support you need in one place.
Mojo will find out about your circumstances, check your eligibility, and search across the whole of market to help you secure the best mortgage for your circumstances.
An expert will be on hand to offer help and advice, and you will be supported through each step of your mortgage application.
A mortgage broker can typically look at deals from across the market, meaning they can advise you about options from several types of lenders to help you find the most suitable one from your circumstances.
However, some mortgage brokers work with a limited selection of lenders – you can ask your broker how many lenders they will look when it comes to finding the right deal for you.
If you go directly to a bank or building society for a mortgage, instead of a broker, they'll have internal advisers who are trained to help you with a range of their financial products.
However, an adviser at a bank or building society will only be able recommend their own products. This means they can't advise on or suggest any mortgage deals available from other lenders.
Some of the advantages of using getting advice from a mortgage broker include:
They can look across the mortgage market for deals suited to you, meaning you don't have to spend lots of time researching deals.
They can explain mortgage terms to you so you fully understand the deal you're applying for
If your mortgage application is more complex (for example, you have a poor credit history), they can advise you on what lenders may be more willing to consider you
A mortgage adviser will also help stop you applying for deals that might not be suited to you, which helps to prevent you being rejected (which can negatively affect your credit rating)
When it comes to mortgages, you're undertaking a significant debt, so speaking to an expert can help put your mind at ease that you've found the right deal.
Mortgage brokers or advisers will generally all get commission on any mortgage deals they successfully complete on behalf of a customer. This commission is paid to them by the lender.
In addition, some brokers will charge broker or advice fees – this means you'll have to pay a set amount for using their services. This may be one flat fee or they may charge you per hour.
However, they are obligated to explain their fees and charging process to you at the outset, so you're aware how much it will cost.
Mojo Mortgages doesn't charge any broker fees, so you can keep that extra cash for home improvements.
Mortgage brokers can often look at deals from across the market from a variety of lenders. This gives them a better chance of finding you the best deal or deals for your circumstances.
If you go directly via a bank or building society, they will only offer you their products. If you compare mortgages yourself and apply for a deal that you've found, you might have missed a deal more suited to you.
However, mortgage brokers may be limited to specific lenders (you can ask them this) – they might also not look at direct deals (lenders sometimes provide deals direct to customers rather than via a broker).
A mortgage is a big financial undertaking so it's worth using a mortgage broker you trust. Some key questions to ask an adviser to make sure their service is right for you are:
From the outset, make sure to check your mortgage broker's credentials.
In the UK, all mortgage advisers need to be regulated by the Financial Conduct Authority (FCA) or an agent of a regulated firm. You can use the FCA register to check this.
Some mortgage brokers will charge a fee for their advice, while others will provide that free-of-charge. Most brokers will get commission on mortgage deals they successfully complete for the customer.
They should give you a breakdown of their fees and charges at the beginning of the process. Make to ask any questions relating to cost you need to so that you can budget accordingly.
Many brokers will work across the market, but some will only work with a selected panel of lenders.
Ideally you want your broker to work with a large number of lenders, to boost your chance of getting the best possible deal for you and your circumstances.
In a fast-changing market with rising interest rates, getting the expert advice of a broker when applying for a mortgage is invaluable. They can search the market for the most suitable deals and help you navigate what can be a complicated process. ”Claire Flynn, Senior Mortgages Editor
No, a mortgage broker arranges the mortgage for you with the lender. They can't offer you the loan directly.
Once you've submitted your application via your broker, the lender will decide whether or not to accept it.
Mortgage brokers are regulated by the FCA and therefore have a duty of care to only recommend suitable products to you. They also must must tell you:
If there are limits on the range of products they can recommend
About their charges and how they are paid
The main types of mortgage broker to be aware of are:
Tied or multi-tied adviser - these advisers are normally tied to one or a selection of lenders so they can only advise and recommend deals from them.
Independent – independent mortgage brokers generally work across the market so can advise on deals from a wide range of lender
Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgages.
Mojo is a trading style of Life’s Great Limited which is registered in England and Wales (06246376) and is authorised and regulated by the Financial Conduct Authority and is on the Financial Services Register (478215).