What is a 'Mortgage Broker'?

A mortgage broker is a person or company that specialises in finding lenders to provide you with a mortgage. They'll work with you to find an appropriate deal that matches your circumstances, for example, the size of your deposit and your monthly repayment preferences will affect what you are offered. You can get a mortgage without a broker, however, some lenders only choose to lend through mortgage brokers so chances are you'll have more choice using one.

Once your broker has found you possible lenders, they'll run through the range of mortgages that are applicable to you and the pros and cons of each. You should also find out how your mortgage broker will be paid, some will charge a fee for their services and others may take commission from the lenders themselves. 

All mortgage brokers need to provide you with a Key Facts Illustration (KFI). This is a document about their services, how much their work will cost and how they will be paid, so it's important to make sure you understand this and are happy with their terms.

With Yourkeys, if you already have a broker, you can enter their details during the reservation. Alternatively your reservation guide may also recommend brokers. We also have a partnership with Mortgage Advice Bureau who can financially qualify you at a time that suits you best. To lean more on this step in the reservation process, click here.

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