A mortgage broker finds, recommends and arranges the right mortgage for you from the lenders they have access to, then manages your application through to completion. A whole of market broker like Quanstrom Financial searches lenders right across the UK market rather than one bank's own range, which matters because criteria, income multiples and rates vary enormously from lender to lender. This guide explains what a mortgage broker actually does at each stage, when a broker adds the most value, and when you should first get in touch.
Approximately 91% of all mortgages in the UK are arranged through a broker, and only 9% directly with a bank - and for good reason. The right broker does the searching, the paperwork and the chasing for you, and knows which lenders are likely to suit your circumstances before an application ever goes in.
Key takeaway: You do not have to use a mortgage broker to get a mortgage, but a whole of market broker compares lenders across the entire UK market on your behalf, matches your circumstances to the lenders most likely to say yes, and handles the application from start to finish. The more unusual your situation, the more difference the right broker could make.
[[stats: 91% = of UK mortgages are arranged through a broker rather than direct with a bank | 4.5-6x = Income multiples available, depending on the lender and your circumstances | From 5% = Typical minimum deposit, with 0% deposit options available with some lenders]]
What is a mortgage broker?
A mortgage broker is a qualified professional who advises you on which mortgage suits your circumstances and arranges it for you. Mortgage advice in the UK is regulated by the Financial Conduct Authority (FCA), and you can look up any firm on the FCA's Financial Services Register to check it is authorised.
The most important difference between brokers is not the job title but which lenders they can access. Some advisers are tied to a single lender or a limited panel, while a whole of market broker can recommend from lenders right across the UK mortgage market. Quanstrom Financial is a whole of market mortgage broker, which means you do not have to shop around between banks or speak to several tied advisers yourself - the whole market is already searched in one place. There are over 100 mortgage lenders in the UK, and the real value is not just access to them but knowing which ones will be best for you and your circumstances.
What does a mortgage broker actually do for you?
The role runs a long way beyond finding a rate. Think of a mortgage broker at Quanstrom Financial as your own personal concierge for the whole process. We handle your application from start to finish, and we stay on hand throughout for any question that comes up along the way - which solicitor to use, what a surveyor's report means, or how to deal with the estate agent. The goal is simple: the right mortgage for your circumstances, and the smoothest possible experience getting it. Here is what that looks like in practice.
[[steps: Understand your situation|A conversation about your income, deposit, credit history and plans, so your adviser knows exactly what you need and which lenders will suit you. ;; Check your borrowing power|Your adviser works out what you could realistically borrow and what it might cost each month, before you fall in love with a property. ;; Arrange an Agreement in Principle|A lender's initial indication of what they may lend you, which shows estate agents you are a serious buyer. ;; Research the whole market|Your adviser compares lenders across the market and matches your circumstances to the ones most likely to accept you on the best terms available to you. ;; Recommend and explain|You get a clear recommendation and a plain-English explanation of why that lender and product suit you, including all the costs involved. ;; Submit and manage your application|Your adviser packages the paperwork the way the lender wants it, submits the application and chases it through underwriting and valuation to your mortgage offer. ;; Support you to completion|Your adviser stays on hand through the legal process, reviews your protection needs and keeps things moving until the keys are in your hand.]]
If you have not come across an Agreement in Principle before, our guide to what an Agreement in Principle is explains how one works and why it helps.
When does a mortgage broker add the most value?
Almost anyone could benefit from having the market searched properly, but there are situations where the difference between lenders is so large that the right recommendation can change what you are able to borrow, or whether you are accepted at all. Click any situation below that sounds like you.
[[accordion: I'm buying my first home|Lenders treat first-time buyers differently, and some offer first time buyer mortgage schemes with enhanced income multiples or lower deposit requirements. A broker who knows which schemes you may qualify for could make a real difference to your budget. ;; I'm self-employed or a company director|Getting a self-employed mortgage is often about choosing the right lender, since each assesses income differently - from averaging two years of accounts to using the latest year alone. The lender whose method suits your figures can significantly change what you could borrow. ;; I'm in the UK on a visa|Getting a mortgage on a visa is entirely possible, but some lenders have strict rules on the time remaining or the deposit needed, while others are far more flexible. Knowing which is which saves a lot of wasted applications. ;; My credit history isn't perfect|A mortgage with bad credit history is more achievable than many people think, and what feels serious to you may be seen as mild by the right lender. Some issues are accepted by mainstream lenders, while others suit a specialist - matching you well matters here more than anywhere. ;; I've just started a new job|Getting a mortgage with a new job is rarely a problem with the right lender. Lenders differ on how much employment history they want to see, and some have no minimum at all, so even a first job need not hold you back.]]
We have detailed guides on most of these situations, including our first-time buyer guide, our self-employed mortgage guide, our Skilled Worker visa mortgage guide, our adverse credit mortgage guide and our guide to getting a mortgage when starting a new job.
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Do you need a mortgage broker to get a mortgage?
No. You can go directly to a bank or building society and apply yourself, and for some people that works perfectly well. The trade-off is that a single lender can only ever tell you about its own products, and it will not tell you if a rival lender would accept you on better terms or lend you more.
Some lenders also offer exclusive rates through brokers that are not available if you walk into a branch. And because a whole of market broker sees how dozens of lenders behave every week, they know which ones are flexible on the things that matter to you before any application is made. We compare the two routes in detail in our guide to using a mortgage broker vs going direct to your bank.
How do you use a mortgage broker?
Getting started is simpler than most people expect: get in touch, tell us a little about your situation, and your adviser takes it from there. Our mortgage brokers at Quanstrom Financial are available in four ways, so you can work with us however suits your life best.
[[accordion: In the office|We're based in Eastbourne, East Sussex, so if you're local or anywhere nearby, we'd love you to pop in and talk things through face to face. ;; Video call|We advise clients right across the UK by video call, so wherever you're based you get the same personal service as sitting across the desk from us. ;; Phone call|Need to chat on your lunch break, or simply prefer talking things through over the phone? We're happy to arrange telephone appointments around your day. ;; Online and by email|Many of our clients are busy and prefer to sort everything by email. We've invested heavily in our systems, so your whole mortgage can be handled online, around your schedule, if that suits you best.]]
When should you speak to a mortgage broker?
Earlier than most people think. Speaking to a mortgage broker at Quanstrom Financial before you start viewing properties means you know your realistic budget from day one, you have time to fix anything that could hold an application back, and you can have an Agreement in Principle ready for when you find the right home. Estate agents take offers far more seriously when one is in place.
If you already own your home, the same logic applies to remortgaging - it pays to review your options around six months before your current deal ends, which our remortgage guide covers in full.
Curious what you might be able to borrow? Enter your own figures below for an instant illustration.
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Frequently asked questions
Do I need a mortgage broker to get a mortgage?
No, you can apply directly to a lender yourself. A broker becomes valuable because each lender only offers its own products, while a whole of market broker compares lenders across the market and matches you to the ones most likely to accept your circumstances on competitive terms.
Is it worth using a mortgage broker?
For many people, yes. A whole of market broker could find you options a single bank cannot offer, including broker-only deals, and they handle the paperwork and chasing for you. The more unusual your circumstances, such as being self-employed, on a visa or having historic credit issues, the more value the right broker tends to add.
What is the difference between a mortgage broker and a mortgage adviser?
In everyday use the terms mean the same thing: a qualified professional who recommends and arranges mortgages. The difference that actually matters is lender access - some advisers can only recommend one lender's products or a limited panel, while a whole of market broker like Quanstrom Financial can recommend from lenders across the UK market.
What does whole of market mean?
A whole of market broker is not tied to any one lender or panel and can compare mortgages from lenders right across the UK market. That includes high street banks, building societies and specialist lenders, so your recommendation is based on the market as a whole rather than one company's product range.
Can a mortgage broker help you borrow more?
Often, yes. Lenders can offer between 4.5 and 7 times income, subject to individual circumstances, and some first time buyer schemes offer enhanced income multiples on top. A whole of market broker knows which lenders and schemes could stretch further for your situation - our guide on how much you can borrow for a mortgage explains this in detail.
How much does a mortgage broker cost?
Fees vary depending on your circumstances - get in touch and we'll explain any costs clearly before you proceed.
When should I speak to a mortgage broker?
As early as possible, ideally before you start viewing properties. An early conversation gives you a realistic budget, time to prepare your paperwork and an Agreement in Principle ready for when you make an offer. If you are remortgaging, around six months before your current deal ends is a sensible time to review your options.
What documents will a mortgage broker ask for?
Typically photo ID, proof of address, recent payslips and bank statements if you are employed, or tax calculations and tax year overviews if you are self-employed. Requirements vary by lender and situation, and your adviser will confirm exactly what you need before anything is submitted.
Are mortgage brokers regulated?
Yes. Mortgage advice in the UK is regulated by the Financial Conduct Authority, and advisers must be qualified to give it. You can check any firm on the FCA's Financial Services Register before you deal with them.
Can a mortgage broker help with life insurance and protection too?
Yes. Alongside your mortgage, a mortgage broker at Quanstrom Financial can review your protection needs, including life insurance, critical illness cover and income protection, so your home and family are looked after if the unexpected happens. Our guide on whether you need life insurance to get a mortgage is a good place to start.
Written by Toby Quanstrom CeMAP, Director at Quanstrom Financial, a whole-of-market mortgage broker based in Eastbourne, East Sussex.
This article is for general information only and does not constitute financial advice. Your home may be repossessed if you do not keep up repayments on your mortgage.
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