Question 1

What does a whole-of-market mortgage broker do?

Accepted Answer

A whole-of-market mortgage broker has access to products from a wide range of lenders — including lenders who do not have a high-street presence and who only accept applications through brokers (known as intermediary-only lenders). The broker assesses your circumstances, identifies which lenders are likely to accept your application and on what terms, compares rates across the market, and handles the application process on your behalf. Whole-of-market brokers are distinct from tied or multi-tied advisers, who can only recommend products from a limited panel of lenders. For borrowers with complex income, a whole-of-market broker is particularly valuable because some of the most favourable lenders for complex income scenarios are not available direct to the public.

Question 2

How do mortgage brokers charge for their services?

Accepted Answer

Mortgage brokers can charge in two main ways, and sometimes a combination of both. First, a broker fee (also called a procuration fee paid by the client) — a fixed fee or a percentage of the loan amount charged directly to you. Second, a lender procuration fee — a commission paid by the lender to the broker for placing the business, typically around 0.35% of the loan amount. Fee-free brokers earn only from lender procuration fees; fee-charging brokers charge you directly (and may or may not also receive a lender fee). Brokers are required to disclose all fees and commissions before you proceed. For complex cases requiring significant research and negotiation with lenders, a fee-charging broker may be worthwhile — the extra expertise can secure better terms or unlock lenders not available to a fee-free service.

Question 3

Is it better to go to a bank directly or use a mortgage broker?

Accepted Answer

Going direct to a bank restricts you to that bank's products only — you cannot compare across the market. A broker, by contrast, can access dozens or hundreds of lenders simultaneously. For straightforward PAYE borrowers with a clean credit file and standard employment, going direct can sometimes be fast and competitive. However, for borrowers with complex income (self-employed, contractor, multiple income sources, irregular earnings, recent credit issues), going direct is usually a poor strategy: the bank's criteria for complex income may be restrictive, and you may not know which lenders take the most favourable view of your income without testing multiple applications — which can damage your credit score. A specialist broker can present your case to the right lender from the start.

Question 4

Do mortgage brokers have access to exclusive deals not available direct?

Accepted Answer

Yes. Many lenders operate on an intermediary-only basis — they only accept mortgage applications submitted through registered brokers and do not offer their products directly to the public. These include some of the most competitive lenders for complex income scenarios. Additionally, some lenders offer better rates through brokers than their own direct channels. A whole-of-market broker with a strong lender panel can access these products; a tied or restricted adviser cannot. This is one of the primary reasons a whole-of-market broker often obtains better terms than going direct, even accounting for any broker fee.

Question 5

What should I look for when choosing a mortgage broker for complex income?

Accepted Answer

For complex income borrowers, the most important factor is specialist experience. Ask whether the broker regularly places mortgages for your specific income type — self-employed, CIS contractor, IR35, variable income, multiple income streams, or whatever applies to your situation. A broker who mainly handles straightforward PAYE cases may not know which lenders take the most favourable view of your income. Check that they are whole-of-market (not tied to a panel). Confirm they are FCA-authorised — you can verify this on the FCA register. Also ask how they charge (fee vs fee-free) and whether they will manage the case from application through to completion, including liaising with underwriters if needed.

Question 6

Can a mortgage broker help if I have already been declined by a bank?

Accepted Answer

Yes — and a broker is especially useful after a decline. A direct decline from a bank does not mean you cannot get a mortgage; it means that lender's criteria did not match your circumstances. A good broker will diagnose why the decline happened (income assessment methodology, LTV limits, credit scoring, property type) and identify lenders whose criteria are a better fit. Importantly, applying to multiple lenders yourself after a decline risks further hard searches on your credit file, which can compound the problem. A broker can soft-search multiple lenders before committing to a formal application, minimising the credit impact while finding the right lender.

Mortgage Broker FAQ