What Does a Mortgage Broker Actually Do?

You’re thinking about starting your journey to buying a home, perhaps you’re even researching different houses and mortgage options now, and then the age-old question hits you:

“What does a mortgage broker do, and is it worth using one?”

With an overwhelming amount of comparison sites and lenders, all offering seemingly similar deals, many home buyers understandably struggle with knowing what’s what – let alone finding the best deal.

As such, when it comes to navigating the different mortgage eligibility criteria, interest rates, and paperwork, having an expert mortgage broker can make all the difference.

In this article, we jump into exactly what a mortgage broker does, how they operate, and what makes a whole-of-market mortgage broker different. Let’s jump in.

What Is a Mortgage Broker?

A mortgage broker in the UK is a qualified adviser who can help you find and secure a mortgage. A mortgage broker can offer a variety of services, but their core services are usually to compare different mortgage deals from different lenders to find a product that aligns with your financial circumstances.

Ultimately, brokers provide both convenience and the opportunity to save money in one package. Instead of going to each bank yourself, a broker will recommend the most suitable mortgage options based on your financial profile.

What Should I Expect During a Mortgage Consultation?

Your first encounter with a mortgage adviser usually starts with a free mortgage consultation. During this consultation, you’ll have an informal conversation with your mortgage broker to discuss your goals, requirements, and to provide some initial financial information to get the ball rolling.

At this stage, a broker will usually complete what’s known as a mortgage fact find document. This is a detailed questionnaire that covers key personal and financial information, including your employment status, income, monthly expenses, property type, and credit history.

At Boon Brokers, we request that clients complete this fact find before their scheduled consultation – helping us collect all the data to help inform and guide you straightaway at your consultation.

Here’s how our process works:

• Step 1) Enquiry received: Submit a quick enquiry through our website.
• Step 2) We’ll call you: One of our expert brokers will get in touch to arrange a free consultation.
• Step 3) Secure system access: You’ll receive login details for our secure Client Profile System.
• Step 4) Complete your fact find: Fill out your personal and financial information before the consultation.
• Step 5) We prepare your case: Your broker researches the best options based on your profile.
• Step 6) Tailored consultation: You’ll receive expert, personalised advice during your scheduled call.

This efficient process allows us to tailor recommendations for you from the outset. The consultation stage also provides you with a great opportunity to ask any questions and get to grips with the entire mortgage process and what to expect.

At Boon Brokers, we view a free mortgage consultation as a type of financial health check, designed to help your broker get to know the full picture in relation to your mortgage needs, before making any recommendations.

How Do Mortgage Advisers Help Clients Find the Right Mortgage Deal?

One of the main reasons people choose to work with a mortgage broker is their ability to compare a wide range of mortgage deals. But how do mortgage brokers find lenders and do mortgage brokers get better rates than you can find yourself?

Crucially – not all mortgage brokers have the same level of access.

Working with a whole-of-market mortgage broker, like Boon Brokers, will provide you access to (as the name suggests) a whole market of mortgage products by a wide-range of lenders. This allows your dedicated mortgage broker to compare thousands of products, including deals from high street banks, specialist lenders, and lesser-known providers, that you may not be able to access on your own.

As a result, a whole-of-market broker can help secure a more competitive mortgage deal that matches your individual needs and financial circumstances.

By contrast, a limited panel mortgage broker will only have access to a select group of lenders, sometimes as few as five or six. While they may still be able to offer mortgage advice, their recommendations are restricted to a smaller pool of products, which could mean you miss out on better rates or more suitable options elsewhere.

Can Mortgage Brokers Get Their Clients Better Rates?

Yes, regulated mortgage brokers will often have access to exclusive deals and offers that are not available to the general public.

Most importantly, because they understand how lenders assess a borrower’s risk, they will also know how to guide you to the most appropriate lenders and complete applications in a way that may result in getting a better interest rate on mortgage loans.

Ultimately, a trusted mortgage broker will compare fixed-rate mortgages, trackers, and variable deals across the UK lending market. They’ll also compare first time buyer mortgages, shared ownership loans, or buy-to-let products, depending on their level of access and your situation.

At Boon Brokers, we operate as a fee-free, whole-of-market mortgage broker, meaning you will benefit from access to the widest possible range of deals without paying a penny for our advice.

Our dedicated mortgage advisers will take the time to understand your goals and financial position, so that we can find a mortgage deal that matches your needs.

What Kind of Documents Does a Mortgage Broker Need from a Client?

One of the most common questions that we get asked here at Boon Brokers is: “What documents do I need for a mortgage?”

By working with a trusted and regulated brokerage, you can ensure that your broker will provide a complete checklist on everything you need to have, and can guide you through each document accordingly.

Here we have provided you with a list of all the usual documents needed for mortgage application, including:

• Proof of income (payslips, SA302s for self-employed)
• Bank statements (from the last 3 months)
• Proof of deposit
• Proof of ID and address
• Credit report
• Existing mortgage statements (if applicable)

All of this paperwork is essential for verifying your affordability and eligibility to lenders. For employed applicants, recent payslips and P60s will usually provide enough evidence as proof of income for a mortgage. However, for self-employed applicants, you may need to provide two years of accounts depending on your chosen lender.

By working with your broker and collating these documents early, you can help streamline your mortgage application timeline]reduce delays, and improve your chances of a smooth, successful approval process.

Do Mortgage Consultants Submit Applications on Behalf of Clients?

Yes, another great advantage of working with a regulated mortgage broker is that, once you have selected your preferred  mortgage product, your adviser will then handle the full application process for you. This will include completing forms, uploading your documents required for mortgage application, and communicating with the lender on your behalf.

How Long Does a Mortgage Application Take?

The average timeline for a mortgage application to be completed is between 2 to 6 weeks, however, this is subject to the complexity and specifics of each applicant’s financial situation.

Working with a trusted and regulated mortgage broker will typically be quicker than going direct to a lender. In the case that additional paperwork or clarification is required later, then your broker will liaise with you and the lender to help keep things moving.

How Do Mortgage Professionals Communicate with Lenders During the Process?

Mortgage brokers are the key link between you and the lender throughout your application process. They will liaise directly with your chosen lender on your behalf to ensure that your mortgage application is being handled efficiently and to help resolve any potential issues as quickly as possible.

An established and trusted broker will understand the full mortgage underwriting process. This simply means that they will know exactly how to submit applications in the way that is favourable by the lender’s underwriter and meets their criteria from the outset.

But what is a mortgage underwriter?

An underwriter will work for a lender and is the individual that is responsible for assessing your finances, identifying risk, and making the final decision on whether or not to approve your loan.

An often-overlooked advantage of working with a reputable mortgage broker – like Boon Brokers – is the strong, long-standing relationships they’ve built with a wide range of lenders over many years in the industry. This connection can often result in receiving faster updates, escalate problems when necessary, and negotiate solutions more effectively than a borrower applying directly.

At Boon Brokers, our dedicated mortgage advisers leverage these relationships to help streamline your application process and provide the best possible experience for you.

What Compliance and Regulations Do Mortgage Brokers Follow?

Mortgage brokers in the UK must meet strict regulatory standards. They’re overseen by the Financial Conduct Authority (FCA), and any failure to comply with the set standard will result in heavy penalties.

When choosing a mortgage broker to work with, it is best practice to check the official FCA Register to ensure that they are regulated and compliant with industry standards.

At Boon Brokers, we go beyond the minimum broker compliance requirements. Our dedicated mortgage advisers have passed the highest qualifications and have access to bespoke systems, built to streamline your mortgage journey.

Do Mortgage Brokers Get Clients and Market Themselves in the UK?

In today’s competitive marketplace, mortgage brokers can find clients through a mix of online visibility, customer referrals, and trusted partnerships.

So, how do mortgage brokers find clients in such a competitive industry?

Whether you’re marketing as a brokerage or choosing a mortgage broker to work with, two of the most important factors are maintaining a steady stream of positive reviews and building a strong, trustworthy reputation.

At Boon Brokers, we’ve grown our fee-free, whole-of-market mortgage brokerage by focusing on customer satisfaction, transparency, and consistent results.

Unlike brokers who choose to charge fees, we offer expert mortgage advice at no cost to our clients, which is a key reason so many choose to refer us to friends and family.

We’re proud to hold hundreds of five-star reviews on Trustpilot that demonstrate the value we provide and the trust we’ve earned. To say thank you, we also run a Refer a Friend Programme that rewards both our clients and their friends with their mortgage needs.

We believe that by prioritising long-term value and free expert advice, Boon Brokers will continue to grow as one of the UK’s most trusted whole-of-market mortgage brokers.

What Tools and Systems Do Loan Brokers Use?

Mortgage brokers will use a variety of digital tools and systems in order to streamline admin and deliver accurate, efficient, and compliant advice. These systems are in place to help them compare thousands of deals, assess affordability, and manage mortgage applications from start to finish.

At Boon Brokers, we have combined industry-leading software with our own bespoke systems to help enhance the customer experience and to ensure that we secure the best and most competitive mortgages that match your needs.

Here are a few examples of our tools and systems that we work with:

• Industry-Leading Sourcing Software

We use top-tier platforms such as Sourcing Brain, Mortgage Broker Tools, and Criteria Brain to instantly search and compare mortgage deals across the whole market, based on your unique financial circumstances.

• Custom Case Management System

Boon Brokers’ very own in-house system, this platform allows clients to complete their fact-find before the consultation, track their application progress in real time, and securely access adviser notes and important documents.

• Affordability and Credit Integration

By connecting directly with credit agencies and affordability calculators, we can provide you with up-to-date insights on your borrowing limits upfront.

• Streamlined Communication and CRM

Our bespoke automation, CRM system, database, and case tracker centralise all case notes, updates, and adviser communications, creating a seamless and transparent experience.

By leveraging the latest technology and the wealth of experience our advisers have, Boon Brokers have evolved into an established and trusted brokerage known for delivering a fast, more personalised mortgage journey – all without the fees.

How Are Mortgage Brokers Paid?

All mortgage brokers in the UK will be paid through a commission from the lender once your mortgage completes. This is known as a procuration fee. However, some mortgage brokers will also choose to charge an additional fee. These additional fees are to help cover the costs of the brokerage overhead expenses.

The exact amount that a brokerage will charge and be paid will depend on your chosen broker and their corresponding payment structures. To learn more about how mortgage brokers get paid and why fees can vary, read our latest article on mortgage broker costs.

At Boon Brokers, we operate on a fee-free basis. This means that you can receive expert whole-of-market mortgage advice from an FCA-regulated brokerage at no cost to you. Here’s our structure:

Talk to a Regulated Mortgage Broker Today

At Boon Brokers, we specialise in providing expert advice tailored to your financial goals. Whether you’re buying your first home, remortgaging, or exploring buy-to-let opportunities, we’re here to guide you through every step of the process.

Our team of fully qualified mortgage advisers offer free, unbiased support, with no fees and no pressure.

As a fee-free, whole of market mortgage broker, we can help you access and compare the latest mortgage deals from both leading and specialist lenders alike.

Contact Boon Brokers today to speak with a dedicated adviser and secure the right mortgage deal for you.