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        Mortgage Brokers Vs Banks

        Curious about whether to use a mortgage broker or a bank? Here’s why you’re more likely to get a mortgage with better rates when using an advisor.

        How will you be using the property?

        No impact on your credit score

        If you’re thinking about buying a UK property, one of the first things you should do before you apply for a mortgage is to look at the pros and cons of approaching a broker versus a bank.

        This guide covers key questions like whether mortgage brokers can get better rates for you and if you should use an advisor in your local area. You’ll also find out why it can be beneficial to use a mortgage broker instead of a bank, and how long an application can take.

        Keep reading to learn whether a mortgage broker or a bank suits your needs, or click on a link to jump straight to a section…

        Why use a mortgage broker instead of a bank?

        In most cases, using an independent mortgage advisor instead of approaching a bank or other type of lender directly will mean you end up with the best possible home loan.

        Here are some of the key benefits of using a mortgage broker over going direct to the bank:

        • Better deals: Whole-of-market access often means mortgage advisors get better rates. There’s more chance of securing a competitive mortgage deal if you have bad credit. Mortgage brokers can also get better deals for self-employed applicants or those with complex income.
        • Impartial: Independent mortgage brokers offer impartial advice and are not limited in the products they can arrange. Bank staff will only be trained and qualified to speak about their own products.
        • Help with your credit reports and paperwork: Skilled mortgage advisors can assist with evaluating and optimising your credit reports. A broker will also assist with managing all the paperwork during the application process from start to finish.
        • More flexibility: Banks usually lack flexibility, with rigid criteria and rules around mortgages. Many banks do not have the resources to offer mortgages on non-standard constructions or properties with distinct features.

        How long does a mortgage application take through a broker?

        The process itself may involve a few more steps than going direct to a bank, but many people save money in the long run because a broker will help with all of the paperwork and make sure the application doesn’t run into unnecessary delays.

        The extra steps involved are often used to explore all your possible options. This will make sure that you end up with better rates, accessing the most competitive deals available.

        Get Started with a Broker

        Maximise your chance of approval with specialist advice from a mortgage expert.

        Do mortgage brokers get customers better interest rates and deals?

        Yes, this is often the case. Sometimes this is simply because mortgage brokers can access a much wider range of options with a variety of lenders. Most UK banks will have set rates that don’t budge much. Also, the bank isn’t going to tell you if there’s a better rate elsewhere. On top of all that, some brokers even have exclusive access to exclusive lenders and deals.

        Using an expert broker can lead to better rates and mortgage terms because they explore every possibility, instead of a limited selection of products.

        Are you more likely to get approved for a mortgage with a broker?

        Yes. It’s usually much more straightforward to get a mortgage through a broker versus a bank. This is particularly true for unusual properties or applicants that don’t fit a strict mould. Top advisors have access to a much wider choice of options and are used to dealing with the out-of-the-ordinary. Combining this with their industry expertise usually leads to the best possible outcome.

        Our Broker-Matching Service Guaranteed!

        We want you to have complete confidence in our service, and get the best chance of securing your mortgage. We guarantee to get your mortgage approved where others can’t – or we’ll give you £100*

        Learn More
        Mortgage Guarantee

        Benefits of using a broker through Online Money Advisor

        Once you’ve grasped the benefits of using a mortgage broker versus a bank, it’s important to understand that not all advisors are cut from the same cloth. Like any profession or industry, there are various levels of experience and quality of service available.

        Here at Online Money Advisor, our mission is to make sure you deal with the best mortgage brokers for your needs and circumstances. This means the brokers we work with have all been vetted and handpicked to meet extremely high standards. We’ve built up a vast network of advisors who specialise in all kinds of areas, from bad credit to buy-to-let mortgages.

        The standards we set puts the brokers we work with head and shoulders above regular brokers, guaranteeing the right advisor for your specific needs.

        Our free, broker-matching service means we’ll find you an expert advisor who knows the market inside out. Just make an enquiry if you’d like to speak with an experienced broker for free.

        Is it more expensive?

        Using a skilled advisor does often mean an extra fee is involved in the overall process. But, the savings you’ll make by getting the best rates and deals will often more than cover any costs over the life of your mortgage. Also, your broker will show you all the costs in a transparent manner, something the banks haven’t always had a reliable record of doing.

        Another benefit of our free broker-matching service is that any broker we introduce you to will use our fair-fee policy. This means you’ll only be charged a fee if they secure your ideal mortgage. Or, if an upfront fee is charged, it will be refunded if you don’t end up with a top deal that you’re happy with.

        Should I use a mortgage broker based near me?

        In most cases, there’s no need to use a mortgage advisor near you. This is for a couple of reasons. Firstly, most brokers and lenders operate on a national level. So, you want to make sure you’re using a mortgage broker who has access to the best rates and deals from across the UK.

        Secondly, by using a broker near you, it could limit your mortgage options. A local advisor may not have the necessary experience or relationships with appropriate lenders to find you the specific type of mortgage you need. This is especially true for more complex borrowing situations.

        If, however, a local broker is your preference, we will aim to match you with somebody in your town or city where possible. There are advisors all over the UK in our network.

        Speak with an expert mortgage advisor

        There are plenty of benefits when using a mortgage broker instead of a bank. The most important being access to better rates and deals. But, not all advisors out there offer the same quality of service.

        We offer a free, broker-matching service. This means we’ll quickly assess your needs and then pair you up with an expert broker who best suits your circumstances.

        Just call 0808 189 0463 or make an enquiry. We’ll set up a free, no obligation chat between you and your ideal broker today.


        Mortgage brokers specialise in mortgages first and foremost, but can advise on related financial products such as home insurance, life insurance and bridging loans.

        Independent financial advisors, however, can offer advice about a much wider range of financial products. These include pensions, investments and savings accounts, but many of them can arrange mortgages too.

        If you think it’s a financial advisor, rather than a mortgage broker, that you need, just let us know. We also offer a free matching service for people looking for independent financial advisors too.

        It can be quicker to get an overview of some of your options. But looking online will only give you some rough ideas to work with. The next step will involve speaking to a lender directly.

        So, your best bet is to get introduced to an expert broker first, allowing you to have the most accurate information to hand before approaching suitable lenders.

        Ask A Quick Question

        We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects. Ask us a question and we'll get the best expert to help.

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        Pete Mugleston

        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

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        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.