Why should I use a mortgage broker?

Mortgage brokers, mortgage advisers (or at Mojo, Mortgage Experts) give advice on and arrange mortgages between customers and mortgage lenders.

In this article, we break down the benefits of using an online mortgage broker like Mojo!

  • Speak to an expert today about your needs and the current market

  • Clear mortgage recommendations with access to 70+ lenders & broker exclusive products

  • We've helped 1000s of people find and get their best deal

What exactly does a mortgage broker do and why should I use one?

Some of the most commonly asked questions about mortgage brokers are:

  • 1.

    Why should I use a mortgage broker? 

  • 2.

    Do I need a mortgage broker?

  • 3.

    Why is going to a mortgage broker better than going to my bank? 

None have a straightforward answer, as the benefits of using a broker vary depending the circumstances of the person seeking advice.

Mortgage broker services also vary from one company to the next, and depending on the type of broker they are. Mortgage brokers, like ourselves, can offer a wealth of services to those looking for a mortgage or remortgage.

However, even if you have a general idea about what mortgage brokers do, it can sometimes be difficult to see exactly how that benefits you personally.

7 key benefits of using a mortgage broker like Mojo:

Search the market quickly

This can save you the time and effort of searching through lots of lenders and thousands of deals by yourself We can easily identify which lenders are likely to accept your circumstances with our up-to-date knowledge of lender criteria

Advice on specific products

Unless you’re experienced in mortgage products, it can be tough to recognise all of the pros and cons of each specific option, their individual benefits, and how the terms apply to your circumstances

Explain jargon

The internet has certainly helped expand public mortgage knowledge, and terms that were once baffling are now more familiar to many.

However, if you’re unsure why your LTV matters, or exactly when ERCs apply, a broker can fill in the gaps for you

Potentially ‘exclusive’ deals

Some lenders operate as broker-only, so their offers are not available directly to the public. This could mean missing out on something better suited to you that you’d not have known about, if you skip brokers

Application assistance

Having an experienced broker complete your application saves you both time and hassle. As an added bonus, their knowledge and experience of criteria in doing so will optimise your chance of a success

Speed up the process

Any mortgage application can experience delays - which as a worst case scenario, can lead to losing your chosen property. Brokers can help iron out any issues between the lender and solicitor as they arise, to reduce the chance of this happening

Additional FCA protection

You have an extra layer of protection from the FCA (Financial Conduct Authority) if you sought advice through a regulated broker and were poorly advised about a mortgage product, compared to if you chose badly yourself

Are there any risks associated with not taking advice?

It’s perfectly possible to arrange a mortgage without using a broker. The main risks in doing so would be missing out on the benefits mentioned above.

How do I find the best mortgage broker for me?

Many people like to use an entirely online mortgage broker, such as Mojo, for speed and convenience. However, some still prefer to speak to a broker face to face.

Whatever your preference, it’s important to feel comfortable with the person you choose as your broker.

Should you consider the opinions of others?

It’s certainly worthwhile looking at the feedback of other customers, or considering recommendations from friends and family members if they’ve used a good broker. However, keep in mind that the same style of broker won't necessarily work for everyone.

Mojo is an award-winning broker an you can check out what some of our happy customers had to say about us on Trustpilot below:

What our customers say

Excellent service & quick turnaround!

Mojo managed to turn my re-mortgage around in a month. From start to finish they were brilliant to deal with. Excellent guidance from Sandra on the products available to me and weighing up the pro’s and con’s of various options. I felt very informed and was kept up to date at every stage. Wouldn’t hesitate to use again if like me, mortgages blow your mind!

Five Trustpilot stars

Heather Kennedy

01 March 2024

Trustpilot

Questions to ask a mortgage broker 

It’s a good idea to have a prompt list with you the first time you speak to a broker - it will help you gauge whether they’re a good fit for you. You could start with some of the questions below that we’ve pre-answered for Mojo:

  • 1.

    Are you whole-of-market? Yes we are, we have access to over 70 lenders

  • 2.

    Do you charge a fee and how much is it? No we do not, Mojo is paid directly by the lender, which costs you nothing as the customer

  • 3.

    Are you qualified? Yes, all Mojo Mortgage Experts hold the CeMap qualification. The CeMAP (Certificate in Mortgage Advice and Practice) is a widely recognised industry qualification for certified mortgage advisers

  • 4.

    Are you regulated by the Financial Conduct Authority? Yes we are, you can find us on the FCA register here

  • 5.

    What else can you help me with? We also have experienced protection advisers, who can ensure that you find the right level of mortgage protection cover for your needs

Tip: It’s wise to have plenty of personal information available when speaking to a mortgage broker, as we’ll also have a number of things to ask you about your circumstances.

How much does a mortgage broker cost?

Mortgage brokers usually charge a fee for their services, sometimes directly to the customer, and sometimes, in the form of a commission from the lender they recommended. This is often referred to as a fee-free broker service, as you don’t pay the broker directly. 

It’s a good idea to be sure how a mortgage broker gets paid before you proceed. All brokers are actually obliged to be clear about their fees under the requirements of the FCA (Financial Conduct Authority).

Mojo mortgage advisers provide CeMAP qualified advice for free, and are regulated by the FCA to do so.