Is it better to get a mortgage from the bank or broker?

A mortgage is a long-term commitment, and getting it wrong could leave you with many years’ stuck with an unsuitable deal and unnecessary expense.

So, it is likely to make a great deal of sense to seek advice from appropriately trained professionals before making any decisions about the mortgage you need to buy your home. But is it better to get a mortgage from the bank or a broker?

Where to seek advice

When thinking about looking for advice on your mortgage application, you are likely to have considered the following options:

Direct-only deals

before deciding to seek advice, you might have considered finding a mortgage lender yourself and making an application direct – it costs you nothing to do so, of course; you might be attracted by the fact that some mortgage deals are only available through exclusive direct-only deals that you would not be offered either by a broker; going through the whole mortgage search process yourself…
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Why use a mortgage broker?

Getting a mortgage involves a long-term commitment – and one that is not to be taken lightly. Making the wrong decision might leave you not only with an unsuitable mortgage, but one that leaves you seriously out of pocket. Before taking the plunge, therefore, you might want to take the most appropriate mortgage advice you can find.

That advice is likely to come from a mortgage broker. A mortgage broker – or mortgage adviser or mortgage advisor as they are also known – is quite simply someone who specialises in mortgages, explains Equifax.

What are the potential advantages of mortgage brokers versus lenders?

You might be asking yourself whether it is worthwhile consulting a mortgage broker. After all, some of the shops and offices on the UK high streets are the banks and building societies in the business of arranging mortgages for their customers.

Surely, you can cut out the middleman by going straight to the mortgage lender?


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