Mortgage Broker vs Doing it yourself at the bank

When it comes to securing a mortgage, one of the first decisions you’ll need to make is whether to go directly to a lender or work with a mortgage broker. Both options have their advantages, but understanding the differences can help you get the best deal for your needs. At Turtle Mortgages, we specialise in helping first-time buyers, home movers, and investors find the right mortgage — always with fee-free advice.

What Is a Mortgage Broker/Advisor?

A mortgage broker/advisor is a professional who specialises in mortgages and acts as an intermediary between you and potential lenders. Brokers assess your financial situation, the property you want to buy, and your mortgage preferences, then search the market to find the best mortgage deals.

How Brokers Can Help You

• Market Access: Brokers/advisors can have access to deals and exclusive offers not available directly from lenders.
• Time-Saving: They handle the legwork of comparing multiple lenders and products, saving you hours of research.
• Special Circumstances: If you’re self-employed, have a less-than-perfect credit history, or a complex financial situation, a broker can identify lenders more likely to approve your application.

What Is a Mortgage Lender?

A mortgage lender is a bank, building society, or financial institution that provides mortgages directly to borrowers. Lenders assess your ability to repay the loan based on income, credit history, and affordability.

Things to Know About Lenders

Checks and Approvals: Lenders will check your credit score, income, and other financial factors to approve your mortgage.

Product Range: Lenders only offer their own mortgage products, so you may not see the full market.

Direct Applications: Applying directly can avoid broker fees, but you may miss out on special deals or more competitive rates available through brokers. It is even better if you pick a broker (like us!) who doesn’t charge a fee.

Broker vs Lender: Key Differences

When deciding between a mortgage broker and going directly to a lender, it’s important to understand the key differences. A mortgage broker can search the whole market for the best deals, including exclusive offers not available directly from lenders, which can save you time and potentially money, especially if you have a complex financial situation or self-employment income.

Do I Have to Pay a Mortgage Broker?

At Turtle Mortgages, you never pay a fee for our advice. We are paid directly by the lenders, so our focus is entirely on finding the best mortgage deal for you. Other brokers may charge fees ranging from £150 to 1% of your mortgage balance, which could add hundreds or even thousands to your overall cost.

Using a fee-free broker ensures you get impartial advice while saving time and potentially money.

Should I Use a Broker or Go Direct to a Lender?

The answer depends on your personal circumstances:

• Use a broker if: You want access to a wide range of lenders, might have complex finances, or want help navigating the mortgage process.
• Go direct if: You are happy with the lender’s limited product range.

For most borrowers, especially first-time buyers or those with unique financial situations, working with a broker like Turtle Mortgages can make the process smoother and more cost-effective.

Sounds good, right? All you need to do is book a call with us.