A mortgage adviser, also known as a mortgage broker or intermediary, is a professional who helps you find and secure a mortgage. They assess your financial situation, search across a range of lenders, and recommend products that suit your needs. All mortgage advisers in the UK must be authorised and regulated by the Financial Conduct Authority (FCA).
There are two main types of broker. Whole-of-market brokers have access to deals from virtually every lender, while tied or multi-tied brokers only recommend products from a limited panel of lenders. Using a whole-of-market broker generally gives you the widest choice.
Brokers can be particularly valuable if your circumstances are non-standard, for example if you are self-employed, have adverse credit history, or need a specialist mortgage product. They handle much of the application paperwork on your behalf and can often access exclusive deals that are not available directly from lenders.
Some brokers charge a fee for their services, while others are paid entirely by commission from the lender. It is important to understand how your broker is paid before you proceed.
You are self-employed and unsure which lenders will accept your income evidence. A mortgage broker reviews your accounts, identifies three suitable lenders, and handles the application process, saving you time and improving your chances of approval.
Key Points
- Must be authorised and regulated by the FCA
- Whole-of-market brokers search across virtually all lenders
- Can access exclusive deals not available to borrowers directly
- Especially helpful for complex cases such as self-employment or adverse credit
- May charge a fee or be paid by lender commission, or both