What Does a Mortgage Broker Do?

Understanding your needs and finances

The adviser discusses why you are borrowing, your budget, income, commitments, deposit or equity and the property. Future changes can matter: moving plans, retirement, variable income or childcare costs can affect what is suitable.

Supplying complete and accurate information is important. An early estimate based on incomplete figures should not be treated as a commitment to lend.

Comparing and explaining a recommendation

The broker considers products within its available range and explains the proposed mortgage in relation to your needs. Ask about rate type, deal period, fees, early repayment charges and what happens afterwards.

A recommendation is more than sorting rates from lowest to highest. A product might have attractive pricing but fail a relevant eligibility requirement or be unsuitable for a planned move.

Helping with the application

The broker can help organise documents, submit information through the appropriate lender process and respond to queries. You should understand what checks are taking place and tell the adviser if information changes.

The lender conducts its own underwriting and property assessment. Its valuation is not your independent condition survey. Your conveyancer handles legal due diligence and the transaction; the broker cannot guarantee those stages or a completion date.

Questions worth asking

• What lender range will be considered for my case?
• What fees or commission apply, and when?
• Who is my contact during underwriting?
• What assumptions and risks underpin the recommendation?
• What is the complaints process if I am dissatisfied?