Compare the annual percentage rate of charge, product fee, broker fee, valuation costs and any early repayment charge, not only the headline interest rate. Your home may be repossessed if you do not keep up repayments on your mortgage.
The difference in one table
| Question | Apply direct | Use a broker |
|---|---|---|
| Products considered | That lender's available products | Products within the broker's disclosed scope |
| Recommendation | Usually limited to that lender | Based on the broker's panel or market coverage |
| Fees | No separate broker fee, but product costs apply | May be fee-free or charge a stated broker fee |
| Application work | You manage the lender process | The broker usually submits and follows the case |
| Unavailable products | No access to other lenders | Some direct-only or out-of-scope products may be excluded |
When applying direct can make sense
- You have researched the market and understand that lender's eligibility and total product cost.
- An existing-customer or direct-only product is competitive for your circumstances.
- You are considering a product transfer with the current lender and are comfortable comparing it with remortgage alternatives.
- You are comfortable preparing the documents, handling queries and tracking the application yourself.
When a broker may be useful
- You want one adviser to compare several lenders and explain why a recommendation fits.
- Your income, credit history, property or purchase structure needs detailed criteria screening.
- You want support preparing evidence and dealing with the lender after submission.
- You need a specialist area such as later-life lending, Shared Ownership, HMO or portfolio buy-to-let.
Questions to ask a mortgage broker
- 1. What is your market scope? Ask whether the service is tied, panel-based or whole of market, and which lenders or products it cannot consider.
- 2. What will I pay? Get the fee, payment date, refund position and commission disclosure before proceeding.
- 3. Who regulates the advice? Verify the firm and the permissions shown by the FCA.
- 4. Have you handled this case type? Relevant criteria experience can matter more than a large headline panel.
- 5. What credit checks are used? Search type can differ by lender and stage; ask before consenting.
- 6. What happens after submission? Establish who owns updates, lender queries and product changes.
A sensible comparison process
Start with the current lender if you are remortgaging, note any direct-only option, then ask the broker to explain its market scope and recommendation. Compare equivalent repayment type, term, fees, incentives and early repayment conditions over a useful period. Do not submit multiple formal applications simply to discover eligibility; ask what screening is possible first.
Looking for an FCA-authorised broker?
MortgageConnector is an introducer. We will use the case details you provide to try to identify a partner whose stated service area fits, then that firm explains its fees, scope and advice.
Start a broker match