What does a mortgage broker actually do?
A mortgage broker sits between you and the lender. They take stock of your finances, search the market for products that suit you, recommend the strongest option, and deal with the application paperwork. Along the way they chase the lender, keep your solicitor in the loop, and sort out any snags that come up.
A good broker does far more than dig out a rate. They know lender criteria inside out: which lenders bend on different income types, which turn an application around quickly, and which are likely to say yes to someone like you.
Why use a broker instead of going straight to a bank?
You can always apply straight to a bank or building society. Going through a broker, though, brings some real advantages.
| Going direct to a bank | Using a mortgage broker |
|---|---|
| Limited to that lender’s products only | Searches across 90+ lenders to find the best deal |
| The adviser works for the bank, not for you | Works for you, not the lender |
| May miss better deals available elsewhere | Knows criteria differences between lenders |
| No fee to the lender (but you may pay a higher rate) | Only applies where you’re likely to be accepted |
| If declined, you’ve used a hard credit search | Handles the full process and chases on your behalf |
| Good if you have a simple, straightforward case | Essential for complex cases (self-employed, bad credit, contractors) |
Whole-of-market vs tied brokers
Not every broker can reach the same set of lenders. Knowing the difference helps you pick the right one.
A whole-of-market broker can recommend products from right across the lending market. They are not boxed into a panel, so they can look at every lender available to them.
A tied or multi-tied broker works from a set panel of lenders. They might reach a few exclusive deals, but they cannot compare the whole market. Some of the “in-house” brokers you meet through estate agents are tied to a limited panel like this.
Clearview Mortgage Solutions is a whole-of-market broker with access to 90+ UK lenders, so we can weigh up a broad range of products against your situation.
What to expect at your first appointment
Your first meeting with a broker, whether that is in person, over the phone or on a video call, is about getting to grips with your situation and working out what is realistic.
- 01
Initial discussion
The broker asks about your circumstances: your income, your deposit, any debts, the sort of property you have in mind, and when you hope to move. It is a relaxed conversation, not a formal application.
- 02
Affordability assessment
From what you tell them, the broker works out roughly how much you could borrow. They will explain which lenders suit your type of income and what sort of rate to expect.
- 03
Product recommendation
The broker searches the market and puts forward specific products. They will walk you through the difference between fixed, variable and tracker rates, and suggest a term length that fits.
- 04
Next steps
If you are ready to go, the broker sets out the documents you need and starts building the application. If the timing is not right yet, they will tell you what to work on to strengthen your position.
What information should you bring to your first meeting?
The better prepared you are, the more your broker can get done in that first session.
Income evidence
- Latest 3 months’ payslips (employed)
- SA302s and tax year overviews (self-employed)
- Details of any other income (rental, investments, benefits)
Deposit information
- How much you’ve saved and where it’s held
- Whether any of it is gifted (and from whom)
- Evidence of the source (bank statements)
Outgoings and debts
- Credit card balances and monthly payments
- Loan repayments (car finance, personal loans)
- Child maintenance or other regular commitments
Property details (if you’ve found one)
- Property price and address
- Whether it’s freehold or leasehold
- New-build or existing property
How do mortgage brokers get paid?
Brokers get paid in one of three ways, and it is worth knowing which one applies to yours.
Lender commission (procuration fee)
- The lender pays the broker a fee when the mortgage completes
- Typically 0.3–0.4% of the loan amount
- No direct cost to you
- The most common payment method
Broker fee
- A fee charged directly to you for the broker’s service
- Typically £300–£1,000, sometimes more for complex cases
- Usually payable on application or completion
- Some brokers charge a fee AND receive lender commission
Fee-free brokers
- Funded entirely by lender commission
- No cost to you at any stage
- Check that they still have whole-of-market access
At Clearview Mortgage Solutions we set out our fees upfront, before any work begins. You will know the cost before you commit to anything, and your first consultation is free.
How to choose a good mortgage broker
Brokers vary a lot. Here is what to look for when you are choosing one.
Check their credentials
- Must be authorised and regulated by the FCA
- Check the FCA register at register.fca.org.uk
- CeMAP or equivalent qualification
Ask about their market access
- Whole-of-market is better than a limited panel
- Ask how many lenders they work with
- Check if they have access to specialist lenders if relevant to your case
Read reviews and ask for recommendations
- Google reviews, Trustpilot, and VouchedFor ratings
- Personal recommendations from friends or family
- Look for reviews from people in similar situations to yours
Assess their communication
- Do they explain things clearly without jargon?
- Are they responsive to calls and emails?
- Do they proactively update you or do you have to chase?
Questions to ask your broker
At that first appointment, do not hold back on questions. A good broker will be glad you asked.
How many lenders do you have access to? What are your fees, and when are they payable? How much could I borrow based on my income? What rate range should I expect? Are there any schemes I could benefit from? How long will the process take? Will you manage the application from start to finish? What happens if my application is declined?
A broker who answers all of these clearly and honestly is one you can trust with your mortgage.
FCA regulation: what it means for you
Every mortgage broker in the UK has to be authorised and regulated by the Financial Conduct Authority (FCA). That obliges them to treat you fairly, give advice that suits you, be open about their fees, and run a proper complaints procedure.
If something goes wrong, you can take it to the Financial Ombudsman Service (FOS), and your broker is required to hold professional indemnity insurance. FCA regulation gives you genuine protection.
Get started with Clearview Mortgage Solutions
At Clearview Mortgage Solutions we are a whole-of-market broker with access to 90+ UK lenders. Our CeMAP-qualified advisers work with first-time buyers day in, day out, and will guide you from your first question through to picking up the keys.
Get in touch for a free, no-obligation first consultation. We will look at where you stand, talk through your options, and set you on the right path to owning your home.
As a first-time buyer I had no idea where to start. My Clearview broker explained everything, found me a great rate, and handled all the paperwork. I’d recommend them to anyone.