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Mortgage broker or direct deal?

Thu 30 Jan 2020

Mortgages Woman

With so many mortgage deals and types of mortgages on the market available, how can you ensure you find the right one for you?

You could decide to go direct, searching the market yourself and approaching a lender directly for a specific mortgage deal. Lenders may provide advice, but only on the products they offer. Going direct could save you money as you’re not charged fees that some brokers charge for mortgage advice, but only if you know what mortgage is best for you.  You could arrange a new mortgage with your existing bank or building society, but you could be limited solely to their own mortgage products, significantly restricting the deals available to you.

What is a mortgage broker?

A mortgage broker is a person or company that arranges a mortgage between you (the borrower) and a mortgage lender.

They will:

  • Help you assess your financial situation
  • Recommend the most suitable mortgage for your needs
  • Search the market to find deals that match your criteria

What are the benefits of using a broker?

  • Convenience - if you’re not sure what you’re looking for and aren’t clear on the mortgage markets, or just don’t have the time to search for deals and speak to lenders, then a broker can be very useful. They could save you a considerable amount of time.
  • Access – mortgage brokers will usually have access to a wide range of lenders, with deals that aren’t always available if you go direct. This means they have a wider choice of options to recommend from.
  • Expertise – if you’re not familiar with the different types of mortgages available, knowing where to start can be overwhelming. For such an important financial decision, having an expert who can provide impartial advice and explain things, will make the whole process clearer.

What are the disadvantages?

  • Cost - some mortgage brokers don’t charge a fee and receive commission from the lender, others charge a fee for their services. This can be charged an hourly or 'flat fee' basis and can either be charged up front or on completion of your mortgage.
  • Limitations – not all brokers have access to the whole mortgage market, some only use certain lenders. You should ask how many lenders a broker uses and if they have any preferences. Not all mortgage deals offered by banks and building societies are available through brokers.
  • Quality - Getting a mortgage is one of the biggest financial decisions you’ll make, so it’s important to make sure you choose one carefully and get recommendations where possible

What types of mortgage brokers are there?

There are three different classes of mortgage brokers they are:

  • Tied mortgage brokers - offer mortgage products available from a single lender
  • Multi-tied mortgage brokers - offer access to products from a select panel of lenders
  • Whole of market brokers - offer access to the largest range of mortgage products available on the market.

As a member of the Police family, you get access to our free Mortgage Advice Service

Like most brokers, we get paid by the lender when your mortgage completes. The good news is that unlike others, we choose not to charge you a fee on top of this. Even better we provide:

  • access to the whole mortgage market
  • exclusive mortgage deals that aren’t available on the high street
  • totally free independent and impartial advice

Our expert mortgage advisors have helped thousands of people like you to find the right mortgage deal, you just have to make one phone call to get things moving. For free mortgage advice call us today, it could be the most valuable call you make all year.

Call 01543 441 630

Lines are open: Mon-Fri 8.30am-5.30pm

Find out more >




Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgage Excellence Plc, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 03527577. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire, WS13 6QS. For your security, all telephone calls are recorded and may be monitored.


Type of article: Articles
Category: Owning a house

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