How to choose a mortgage broker in the UK – 7 questions to ask

A mortgage is usually the biggest financial commitment of your life. A good broker can help you find the right deal and avoid a rejection that leaves a mark on your credit file. Here are 7 questions to ask before you choose one.

1. Are you regulated by the FCA?

Mortgage advice in the UK is regulated by the Financial Conduct Authority (FCA). A broker must be authorised by the FCA directly or act as an Appointed Representative of an authorised firm. This gives you access to a complaints process and the Financial Ombudsman Service.

It takes a minute to check: search the firm name or FRN on the FCA Register.

2. How much of the market do you cover?

Some brokers work with only a handful of lenders, which limits your choice. A whole of market broker compares deals from all the lenders available to intermediaries, including specialist lenders you can't go to directly. This matters most if you have a short UK history, are self-employed, paid through CIS or have a weaker credit record.

3. What do you charge and how are you paid?

Before you start, the broker must give you a document (an Initial Disclosure Document or similar) setting out their fees and whether they receive commission from the lender. A lower broker fee doesn't always mean a cheaper mortgage – what matters is the total cost: the rate, lender fees and the length of the fixed period.

4. How quickly do you respond and how can I reach you?

Buying a home can be stressful, and some issues need a quick response – for example when a lender asks for an extra document. Ask whether the broker works remotely, whether you can reach them after 5pm and which language you'll be speaking.

5. Can you help with protection insurance?

A mortgage runs for 25–35 years. It's worth protecting it with life cover, critical illness cover or income protection. A broker who also advises on protection can match the cover to your loan amount and term. Your lender and solicitor will also require buildings insurance from exchange of contracts.

6. Can you help with solicitors and a will?

A good broker also helps you deal with solicitors (conveyancing), the estate agent and the lender. When you buy a home it's also a good time to make a will, especially if you have children or are buying with a partner you're not married to.

7. Will you keep an eye on rates after I apply?

It often takes several weeks or even months from application to completion. During that time the lender may cut its rates. Some lenders then let you switch to a cheaper product on the application you've already submitted – but they won't do it automatically. Someone has to spot it and ask.

At Balltica Consulting we use IRM (Interest Rates Monitoring), a system built specially for us. If your lender reduces its rates after your application is submitted and its rules allow a product change, we contact you, ask for your consent and request a switch to the lower-rate product on your existing application. Not every lender allows this, and a switch may mean a new Mortgage Offer is issued, so we always discuss with you whether it makes sense for your completion timeline.

Summary

Before choosing a broker, check their FCA status, market coverage and fees, whether they can support you all the way – mortgage, protection and solicitors – and whether they will keep an eye on rates after you apply. At Balltica Consulting we advise as a whole of market broker, and the first conversation is free.