Mortgage Broker: What They Do and How to Choose One

Mortgage application form with a calculator and house.

A mortgage broker is one of those professions that might not be thought of as much, but their importance cannot be understated. Buying a home is a challenging task, especially with a home loan.

A lot of paperwork and manoeuvring goes into work until the deal is finalised. It is the mortgage broker in Southampton that one would connect with if they are planning to get a home loan in the near future. So one can understand the need to have a reliable mortgage broker by their side.

But before getting into the responsibilities of a mortgage broker and how one can choose to find one for themselves, let’s understand what a mortgage broker is more clearly.

What is a Mortgage Broker, and What Do They Do?

Mortgage brokers are professionals who help people find the best mortgage for their needs. They work with banks, credit unions, and other lending institutions to avail better loan rates and terms for their clients.

Further, they help people understand their options regarding refinancing and home equity loans. In the simplest terms, they are the intermediary between the home loan applicant and the lenders.

Mortgage brokers offer an array of services, including:

  • Helping you understand your options and decide on what type of loan to apply for.
  • Advise you on the types of loans available in your area based on your desired loan amount and interest rate.
  • Finding lenders that offer loans with specific features to meet your needs.
  • Representing lenders and advising you on the loan process from start to finish.

How to Choose the Right Mortgage Broker for Availing Loans

While there is no question about the vital role that mortgage broker plays, selecting the right one can undoubtedly be an issue that many folks would find difficult to navigate. Here is how you can do that.

1.    Verify their credentials

Before you talk to any mortgage broker, ensure they are qualified and registered. Mortgage brokers in the UK need to be authorized by Financial Conduct Authority (FCA) to do their job.

Check the Financial Services Register to find any UK mortgage brokers you are considering. If they are not registered, they probably cannot offer the kind of service you want and should be avoided.

Some lenders will not make deals with unregistered brokers, so it’s best to work with registered brokers to get the lowest rates.

2.    Opt for a ‘Whole-of-Market’ Mortgage Broker

If you’re looking to work with a mortgage broker, they must have a well-rounded range of expertise. A ‘Whole-of-Market’ mortgage broker can access various mortgages available in the current market, allowing the future homeowner to have more options to consider.

Some mortgage brokers only work with a select group of lenders or may only recommend mortgages by one specific bank. You may be able to make this work in some cases, but it is often more beneficial to find a broker who can offer such broad access and recommend the best mortgage.

3.    Compare fees

Hiring a mortgage broker will incur an additional cost on top of the one you settle on. However, remember that they can find you a better value deal so that you will be saving money in the long run. You must also compare the fee they are charging to other clients to understand the market better.

It is also important to compare how brokers will take their fees. Some may expect an upfront payment, but many others will only be paid once a mortgage is agreed upon, or their fee will be added to the cost of the mortgage. Some offer a combination of these methods. Find the broker that is more suited for you.

4.    Compare their services

Comparing prices and the various payment methods is always helpful when looking for a mortgage broker.

There are some online brokers who have managed to provide dependable service via the online medium, so you should feel free to connect with a broker that offers online services. You also need to look at what is best for you while making your choice.

5.    Check for Availability

When looking for a mortgage broker, your schedule should be one of the first things on your mind. Ask them how soon they can begin working on your case. Consider how much time it will take from start to finish, and choose a broker that will work around your schedule.

To get the best results when working with brokers, we recommend checking out their hours and what they offer so you can plan ahead. You should also speak to them on the phone or by email when needed to avoid a long wait time.


Choosing a mortgage broker to work with is an important decision. They will be working alongside you to find the right loan for your needs and service, so be sure to check their reviews, compare services, and find someone who is offering such services at a reasonable price.