Mortgage brokers are financial professionals who specialise in finding the best mortgage loan options for borrowers. They assess their customers' individual financial situations and tailor personalised recommendations that meet specific needs and goals.
In this article, you will learn more about the top mortgage brokers in the UK and their services. We will delve into their expertise, track record, and client satisfaction rates to provide you with valuable insights into the leading players in the industry.
Top Six Mortgage Brokers Reviewed & Compared
Here's our top six recommendations shortlist, along with brief summaries that explain why we consider these brokers exceptional and worthy of your attention.
Best free service – Habito
Best free alternative – Mojo Mortgages
Best for more complicated needs – John Charcol
Best paid service – Tembo
Best for finding the right mortgage broker – Unbiased
Best all-around – Better.co.uk (formerly Trussle)
abito is an online-first mortgage broker that offers free advice and scans the entire market to find the best options for its customers. Since it’s a commission-based service, it’s in its best interest to find ideal matches for its customers and get deals done.
Customers who prefer a more traditional approach may find Habito’s modern way of operating a bit daunting. Furthermore, people with complicated financial circumstances may not get the best out of it, but it’s definitely a broker worth trying out, especially as there is nothing to lose by doing so.
- Free mortgage advice
- Scans through a massive number of options
- Completely online, eliminates the need for appointments
- Provides an optional, paid complete home-buying service
- Algorithm based, not ideal for complex queries
- Not ideal for customers who want a personal touch
- The initial application process is not very user-friendly
- Mortgage deals can take weeks to complete in specific circumstances
Experience
Mojo Mortgages is another great option for customers that are looking for free advice. It operates similarly to Habito and Better.co.uk, and if you are fine with online-only platforms, it's definitely worth considering.
While Mojo will attempt to find the best rates for you and support you through the application process, what happens next is outside its hands. However, as a separate, paid service, the broker can introduce you to its partners, which can help you with the legal side of things.
- Free mortgage broker service
- Scans a solid range of mortgage options
- Delivers results quickly
- Available at all times
- Not ideal for customers with complex queries and adverse credit
- The lack of face-to-face contact may not be suitable for everyone
- Doesn’t provide a complete house-buying service
- No educational resources or guides on its website
Experience
John Charcol is a pioneer in the mortgage broker game, having been around for almost five decades. It's a comprehensive service offering everything from consultations to the final mortgage approval process, providing support and expertise throughout the journey.
Unlike most options on our list that are digital-first, John Charcol has a more traditional way of doing things – it's an ideal option for people who prefer conducting business on the phone rather than online. And it really means business, as its service doesn’t come for free.
- Over 45 years of experience
- Almost universally positive reputation online
- Covers the entire mortgage lender market
- Offers a wide range of services
- Doesn’t have a standard broker fee
- Phone-based broker, doesn’t share too much online
- Apart from the initial consultation, doesn’t provide any free advice
- One of the more expensive options on the market
Experience
As a paid service, Tembo does more than the free options involved in our list. It offers a long list of products, like deposit and income boosts that can increase borrowing and place first-time buyers on the property ladder. Additionally, it provides part buy, part rent schemes, and plenty of other options for almost any circumstance.
While they can be very beneficial for the buyers, these options make the people who support them (called the homeboosters) responsible for the payments, so such options must be reviewed with a healthy dose of caution.
- Guarantees the best mortgage deal
- Can help first-time buyers to get on the property ladder
- Offers all kinds of options that can increase borrowing
- Can provide a complete home-buying service for a fee
- No free services
- Some of its mortgage options can be a bit too risky
- Some of its mortgage options make other people responsible for payments
- Relatively new on the market
Experience
Rather than a mortgage broker that will find the best mortgage deal for you, Unbiased is a professional advisor directory. Customers can use it to find the most suitable mortgage broker that will attempt to find the best mortgage deal for them.
It's free of charge for customers, as it’s the advisors who market their services on it pay a subscription fee. Just like its name suggests, the service provides a completely impartial advice. Its only downsides are the lack of customer reviews and information on advisor fees, which require the customer to conduct further research, or contact the broker to find out more.
- Free, independent, and impartial advice
- Easy to use, gets a list of hundreds of options in a matter of seconds
- Users can browse and search, or get a match using a connect tool
- Rates the advisors and brokers on the responsiveness
- Doesn’t actually provide mortgage broker services
- Doesn’t display information about the fees charged by the featured brokers
- Doesn’t scan the whole market, only its subscribers
- Doesn’t display any customer reviews
Experience
All six options on our list are excellent services, and you won’t go wrong with any of them. That being said, in our opinion, Better.co.uk, slightly edges the competition with the energy it brings. Its brokers make you feel like they are 100% focused on finding the best deal for you.
Better.co.uk provides a great balance between the modern and the traditional. It utilizes AI to quickly scan through thousands of options and find a suitable match, but it also adds a more personal touch with human brokers and excellent customer service.
- Offers free consultation and mortgage advice
- Covers a huge range of options
- Online-first, but also allows making in-person appointments
- Fast service
- Doesn’t compare options from some of the leading mortgage providers
- Doesn't work with direct-only lenders
- Additional services like conveyancing are paid
- The premium SmartBuyer service doesn’t have a standard fee
Experience
How Do We Rate & Review Providers
Selecting the right mortgage broker is a crucial step in securing a mortgage that aligns with your financial goals and needs. With numerous brokers in the market, it's essential to evaluate certain key factors to ensure you make an informed decision, including:
Regulation – Our recommendations comprise solely of licensed and regulated mortgage brokers that have the necessary certifications that indicate their commitment to adhering to industry standards and ethical practices.
Lender network – The brokers we review have a diverse and extensive lender network that grants them access to a wide range of mortgage options. They can offer you a wide selection of loan programs, interest rates, and terms, increasing the likelihood of finding the right fit.
Personalised service – In addition to having connections with reputable lenders, brokers have to be able to find personalised solutions. The mortgage brokers we recommend will take the time to understand your specific needs and tailor their advice and recommendations accordingly.
Experience and expertise – We look for mortgage brokers that have a positive track record and extensive experience in the industry. This ensures they have the necessary knowledge and understanding of market dynamics, allowing them to navigate complex financial transactions with precision and confidence.
Communication and responsiveness – While these qualities are important for any business, they are even more significant when it comes to financial services. We place a high value on customer satisfaction, and client-oriented and dedicated companies are highly rated in our reviews.
In addition to our research and analysis, we also pay attention to online client reviews and testimonials and learn from customers’ past experiences. Positive feedback can provide reassurance about the broker's professionalism, reliability, and ability to deliver satisfactory results.
What Is a Mortgage Broker?
In the simplest of terms, a mortgage broker is an intermediary who connects borrowers with lenders, assisting them in finding suitable mortgage options. People who offer mortgage broker services are more experienced and knowledgeable than the average customer, so they can provide guidance and assistance to borrowers in navigating the mortgage market.
Additionally, mortgage brokers have access to various lenders and loan programs, allowing them to provide borrowers with a variety of choices. The goal is to find a suitable mortgage deal for each customer based on their unique financial situation and needs.
Beyond assessing the financial situation and making suggestions, most mortgage brokers also facilitate the application process, help borrowers gather the necessary documentation, submit applications, and negotiate with lenders. This ability to negotiate favourable terms and simplify the mortgage process makes them popular among house buyers.
That being said, it's essential to research and choose a reputable mortgage broker carefully to ensure a positive experience and favourable outcomes. Unethical or inexperienced mortgage brokers can provide inaccurate information or act in their own interest, potentially leading customers to poor loan recommendations, delays, and higher costs.
While both terms refer to a professional that helps you get a good mortgage deal, a mortgage advisor typically works for a specific lender, offering guidance on that institution's mortgage products.
In contrast, a mortgage broker is an independent and impartial professional who works with multiple lenders, providing access to a broader range of mortgage options from different institutions. That being said, many people use the terms interchangeably.
Getting a Mortgage in the UK
Buyers can seek mortgages from multiple types of financial institutions, including building societies, banks, and specialised mortgage corporations. All these lenders have different interest rates, fees, and mortgage products available. Based on the borrower’s financial situation, different mortgage lenders can offer more or less favourable offers.
It's up to the borrower to shop around and inquire about their mortgage products, ask for personalised quotes based on their specific financial circumstances, and try to find an offer they find suitable. Hiring a mortgage broker can simplify this information-gathering process and give buyers pre-approval in a very short time.
After reviewing their options and making a decision, buyers get an agreement in principle with the lender that made the best offer. This agreement doesn’t mean the mortgage has been granted, but it's a statement confirming that the lender is willing to give the mortgage if the buyer applies. It's a valuable document that can help buyers make an offer for the property they are interested in buying.
Once the borrower finds such property, they can apply a formal mortgage application with the lender. Borrowers are typically required to do a building survey and valuation that will determine the property's market value as part of the application process. The mortgage broker can help with the paperwork and ensure that all necessary information is provided.
If the lender is satisfied with the application and property valuation, they will issue a formal mortgage offer.
Here are some bonus tips and advice to help you get the best mortgage rates:
Research and educate yourself about current mortgage market trends and interest rate fluctuations.
Improve your financial health by maintaining a good credit score, reducing debts, and saving for a larger down payment.
Compare rates and terms from multiple lenders to ensure you're getting the best possible deal.
Consider working with a reputable mortgage broker who can provide access to a wide range of lenders and help you navigate the mortgage process.
Be prepared to negotiate with lenders and ask for better rates or discounts based on your financial profile.
Read and understand all the terms, conditions, and fees associated with the mortgage before signing any agreements.
Stay organized and have all necessary documentation readily available to speed up the application process.
Timing is important, as mortgage rates can fluctuate daily. Monitor the market and lock in your rate when you find a favourable opportunity.
Seek advice from trusted professionals, such as financial advisors or real estate experts, to get personalised guidance.
Remember, finding the best mortgage rates requires diligence, research, and careful consideration of your financial circumstances and goals.
How to Apply and Get a Mortgage Online?
Assuming that you have already reviewed your options and have gathered the necessary documentation, applying for a mortgage online typically involves the following steps:
Step 1: Start the application process
Step 2: Start the process by filling out the application form
Step 3: Upload the necessary documents
Step 4: Review and submit
Step 5: Follow up and communicate
Should You Use an Online Mortgage Advisor or a Bank?
Buyers can apply for a mortgage directly at the lender without ever hiring a mortgage broker. Borrowers who believe they have the necessary financial expertise and knowledge of the mortgage market don’t have to rely on an intermediary for the legwork.
That said, it's highly recommended for buyers with complicated financial circumstances, like bad credit history or irregular income, to get professional help.
Gain access to a broader range of mortgage options and schemes
Have an expert do their research for them, as well as negotiate better deals
Get financial advice on preparing credit reports and mortgage applications
Receive a personalised recommendation suitable to their needs and goals
Additionally, most mortgage brokers offer guidance and support throughout the entire house buying process and help with the paperwork, conveyancing, etc.
Can Mortgage Brokers Get You a Bigger Mortgage?
Mortgage brokers do not have the ability to directly increase the size of a mortgage for a borrower. The amount of mortgage a borrower can obtain is primarily determined by factors such as income, credit history, debt-to-income ratio, the property's value, and the lender's lending criteria.
However, mortgage brokers can play a valuable role in helping borrowers maximise their borrowing potential by scouring the market and finding the right lender that fits the borrower’s situation.
How to Choose an Online Mortgage Broker?
With the multitude of online mortgage brokers available, selecting the right one can be a daunting task. There are a few key considerations you must take into account when choosing an online broker, including:
Regulation – Mortgage brokers must be registered with the FCA. If you can’t find any information on their website, try checking the FCA’s Financial Services Register and see if their name pops up.
Network size – The math is simple, the more mortgage options and schemes brokers have access to, the bigger the chances they will find the right offer for you. The keyword you should be looking for is Whole-of-Market, which indicates that they will go through every mortgage currently available.
Cost – Many mortgage brokers offer free advice nowadays and won’t charge you anything for their services. Others require compensation but usually bring an additional value that the free brokers lack. Weigh out your options.
To gain more insights about a broker, you can try reading customer reviews online to learn from the experience of others. However, remember to always take customer reviews with a grain of salt, as there is no way to prove whether they are honest, written by shills, or by an angry customer who had one bad experience and wants to take the company down with a comment.
Online mortgage brokers are safe if you choose reputable and regulated ones. Look for brokers that prioritize data security, have strong encryption measures, and follow industry regulations to protect your personal and financial information during the mortgage application process.
Key Questions to Ask a Mortgage Broker
After conducting preliminary research, you should move on to contacting the mortgage brokers on your shortlist and try to get answers directly from the horse’s mouth. Applying for a mortgage is a huge decision, so there is no room for uncertainty or misunderstanding.
You can use this checklist of the most important questions you must have the answers to before you decide to hire a specific mortgage broker:
Are you registered and regulated by the FCA?
Are you whole-of-market?
How much do you charge for your services?
What is included in the service you offer?
What type of mortgage will best suit my financial situation?
What is the amount I can borrow?
How much I will need to deposit?
How much will the lender charge me for their services?
What documentation will I need to apply?
How long will it take to process my application?
What hours and days are you available?
Naturally, if you have other questions and concerns, you should ask about them as well.
What Will a Mortgage Advisor Ask You?
During a mortgage consultation, a mortgage broker will typically also ask you a series of questions to gather information and assess your financial situation. If you are to hire one, you should be ready to provide information about the following:
Your personal details – Your name, contact information, and residency status
Employment and income – Your employment status, income sources, and income stability
Financial obligations – Your existing debts, such as loans, credit cards, or other financial commitments
Credit history – Your credit score and past credit issues, if any
Property details – If you have a specific property in mind, they may ask for more information, such as the property type, location, and estimated value
Mortgage requirements – Your mortgage needs, including the desired loan amount, repayment term, and mortgage type (e.g., fixed-rate, variable rate)
Future plans – Your future plans, such as potential changes in income or lifestyle, which could impact your mortgage requirements.
Even though these are sensitive information, brokers need to understand your financial situation and tailor their advice to recommend suitable mortgage options that meet your needs.
What Are the Mortgage Broker Fees?
Broker fees can range from a fixed fee, between a few hundred to a thousand pounds, or a percentage of the loan amount, typically around 1% or less. More precisely, you can expect to be asked to pay about £500 for mortgage advice, which is still a good deal.
If a mortgage broker can improve your interest rate from 2.5% down to 2.4% on a 25-year mortgage of £150,000, they will bring the total cost from £201,903 to £199,694, saving you £2,209 in the process. Deduct the £500 broker fee, and you still save £1,709.
If you are being asked to pay more than this for advice, you can consider that broker expensive. Particularly when there are numerous excellent mortgage brokers that offer guidance and support for free.
Many mortgage advisors can afford to provide free advice to their customers because they get compensated with a commission, or procuration fee, by the lender with whom they place the mortgage. So even though you are not paying them directly, they still get paid, and their compensation comes from the mortgage transaction.
Mortgage Broker Jargon-Buster
The average person with no previous experience with mortgages can’t be expected to understand the jargon financial experts love to throw around. Here’s a list of some of the most popular mortgage-related terms and what they mean:
