Choosing a broker can save time and money; the key is knowing the right questions to ask. If you are wondering what to ask before hiring a mortgage broker, use this checklist to compare options fairly; understand fees; and feel confident about the advice you receive.
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Are you whole-of-market or restricted?
Whole-of-market advisers can search widely; restricted brokers work from a panel. Ask for a clear explanation; confirm how many lenders they actually place cases with.
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How are you paid; what will this cost me?
Some brokers charge a client fee; some are paid by the lender via a procuration fee; some do both. Request a written explanation that shows the total you will pay and when.
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Are you authorised and regulated by the FCA?
Ask for their firm reference number and check it on the Financial Services Register; this protects you if things go wrong.
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What type of mortgages do you arrange?
First-time buyer; home mover; remortgage; buy-to-let; specialist or adverse credit. Choose a broker who regularly handles cases like yours.
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Can you provide an Agreement in Principle quickly?
An AIP; sometimes called a Decision in Principle; helps when viewing properties. Ask how long it takes and what documents you will need.
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How will you assess affordability and suitability?
Good brokers review income; commitments; credit profile; deposit; future plans. They should explain product pros and cons: fixed; tracker; variable; offset.
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What are the total costs over the deal period?
Look beyond the rate. Ask about product fees; valuation; legal costs; early repayment charges; portability; and any exit fees. Request a side-by-side comparison.
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How do you communicate and how fast?
Confirm one main contact; preferred channels; and typical response times. Ask for a timeline from AIP to offer to completion.
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Do you recommend related protection products?
Life cover; income protection; and buildings insurance may be discussed. You are not obliged to buy; compare quotes and ensure any advice is suitable for your needs.
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What happens if there is a problem or complaint?
Ask for their complaints procedure; whether they belong to the Financial Ombudsman Service; and how they handle lender delays or declines.
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Quick FAQs
Is a mortgage broker better than going direct to a bank?
A good broker compares many lenders; this can uncover products or criteria you might miss. Banks offer only their own deals.
Do brokers always charge a fee?
No. Some charge the client; some are paid by lenders; some use a mix. Always get the fee structure in writing before you proceed.
Will using a broker affect my credit score?
An AIP usually uses a soft search; this does not impact your score. A full application may use a hard search; your broker should explain the timing.