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Do I Need a Mortgage Broker to Buy a House?

Buying a house is A Big Deal. But do you need a mortgage adviser to guide the way?

Faye deGavre

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Feb 04, 2022

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5 min read

Do I Need a Mortgage Broker to Buy a House?

Buying a new home is an exciting process, made slightly daunting by needing to secure a mortgage. A home may be the most expensive purchase in your lifetime, so it’s well worth getting it right. One way to start moving things in the right direction is by seeking the advice of a mortgage adviser who can simplify the process and help you get the most out of your money. Here’s what you need to know about buying a home with or without a mortgage broker.

What does a mortgage broker do?

A mortgage broker, sometimes called a mortgage adviser, is a qualified professional who specialises in finding suitable mortgages for each person’s financial situation. There is no real difference between the roles of a mortgage broker and adviser, as they’re both trained and certified to help you find a mortgage deal to suit your needs.

Keep in mind that there are 2 types of mortgage brokers: ‘independent’ and ‘tied’. The only significant difference is that an independent adviser can source mortgages from the whole UK market, while a tied adviser will be restricted to certain providers.

Why use a mortgage broker?

There are plenty of benefits to using a mortgage adviser.

  • You’ll save time

Researching the mortgage market for the right deal can be time-consuming, especially if it's your first time securing a mortgage. If you’re tight on time and plan to buy a house around your daily life, a mortgage adviser can save your precious free time by scouring for a good deal. They also know which lenders are comfortable with unusual circumstances (such as self-employed applicants), saving you time from applying to the wrong lenders.

  • They know how to find deals

By using a mortgage adviser, you could save thousands of pounds. They know the market and know where and how to find a good deal, both in terms of rate, fees and beyond. They have access to special mortgage deals that aren’t available to you on the open market.

  • They’ll help with paperwork and the application

Applying for a mortgage usually means there is a lot of paperwork to complete – even more so if you’re self-employed. An adviser will know exactly which documents you need and which forms to fill in, making the process less stressful for you. They’ll also handle the application process and keep you informed of its progress with a lender. They’re also very used to foreseeing delays and chasing them as necessary.

Note that every unsuccessful mortgage application may harm your chances of success next time around, as it will appear on your credit report. By using a mortgage adviser, you maximise your chances of being accepted the first time around.

  • You’ll get expert financial advice

All mortgage advisers need to be certified in the UK. This means that any legitimate professional you speak to will be suitably qualified. They’ll also assess your financial picture and make a recommendation that is right for you. They maintain a duty of care to you, their customer, and will give you sound, expert financial advice.

Who can use a mortgage adviser?

If you’re a first-time buyer, then you have the most to gain from mortgage advice. The application tends to be challenging and the process will be new to you. However, a mortgage adviser can assist you with any kind of mortgage application.

You may also want to enlist the help of a mortgage adviser, especially for:

  • Advice on mortgage options
  • Remortgaging to find the best deal
  • Irregular or self-employed earnings
  • Buying a second property, buy-to-let or a holiday home
  • Raising a mortgage on a second property to pay the deposit on the first
  • Advice on equity release

Ideally, you should speak to a mortgage adviser as early as possible in the house-buying process. You should begin your mortgage application before you have started to look at homes seriously, and the adviser will be able to determine your affordability. Too many people have lost out on their ideal home because they haven’t had the finances in place to complete the deal.

When remortgaging, get in contact with a mortgage adviser around 3 months before the switch date you have in mind. Most people look to remortgage as the introductory deal or minimum term on their existing product is coming to an end.

Do I need a mortgage broker to buy a house?

In short, you don’t necessarily need a mortgage adviser to buy a new property. You’re free to look and apply for a mortgage either directly on your own or through an adviser.

However, there are strong advantages to leveraging a mortgage adviser that may mean you wish to enlist their help.

When you consider that a property may be your most expensive purchase, it’s wise to seek guidance from a mortgage adviser. You can’t overstate the industry knowledge of an adviser. For example, if you have a bad credit report, an adviser will give you valuable advice on how to improve it and which lenders are more willing to work with applicants with poor credit.

In fact, an adviser will be able to recommend deals that you’re more likely to be accepted for, removing the risk of applying for the wrong mortgage on your own. This can help protect your credit report in the future, as rejections will be noted.

Find your next home

Once you know how much you can borrow, you have a budget. Now you can get serious about looking for your next home to buy. Get started by searching on Boomin.

As a friendly reminder, this blog post is intended for educational purposes and should not be considered legal advice. For mortgage assistance, please reach out to an adviser. Your home may be repossessed if you do not keep up repayments on your mortgage.

Faye deGavre

Content Writer