It’s a fair question. Why pay a broker when you can walk into your bank and apply for a mortgage directly? The answer depends on your situation — but for most people, using a broker gets you a better deal with less hassle.
We would say that, obviously. But here’s the honest breakdown.
What a Bank Offers
Your bank can only offer you their own mortgage products. That might be 20-30 options across their range. They know their own products well and the process is straightforward if you’re a simple applicant with a clean credit history and straightforward income.
For a salaried employee with a 20% deposit, stable employment, and no credit issues, going direct to a competitive lender can work fine. You might get a perfectly good rate.
What a Broker Offers
We access products from across the entire mortgage market — typically 80-100+ lenders, thousands of products. That means we can compare deals you’d never find by walking into a single bank.
More importantly, we know which lenders suit which situations. Self-employed with two years’ accounts? There are specific lenders who handle that well. Complex income with bonuses, overtime, or rental income? Some lenders will use 100% of it, others cap at 50%. Bad credit history? Some lenders specialise in it while others reject automatically.
This is where specialist advice genuinely saves people money and stress. The difference between the right and wrong lender can be tens of thousands of pounds over the mortgage term.
The Cost Question
Some brokers charge fees. We charge a fee for our advice, which we’re transparent about from the outset. We also receive commission from the lender when a mortgage completes — this doesn’t affect your rate and would be paid whether you used a broker or not.
The key question isn’t what a broker costs — it’s what they save you. A broker who finds a rate 0.3% lower than your bank’s best offer saves you far more over the mortgage term than their fee.
When to Go Direct
If you have a simple situation, a strong relationship with your bank, and you’ve checked that their rates are genuinely competitive, going direct is fine.
When to Use a Broker
If you’re self-employed, have complex income, have any credit issues, want to be sure you’re getting the best rate, don’t have time to shop around multiple lenders, or simply want someone experienced to handle the process — use a broker.
Most of our clients across Birmingham, Tamworth, and Solihull come to us precisely because their situation isn’t straightforward. That’s where we add the most value.
Contact us for a no-obligation chat about your mortgage needs.
