Best Mortgage Brokers Of 2024 – Our Pick

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Published: Apr 10, 2024, 3:53pm

Laura Howard
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If you require any personal advice, please seek such advice from an independently qualified financial advisor. While we aim to feature some of the best products available, this does not include all available products from across the market. Although the information provided is believed to be accurate at the date of publication, you should always check with the product provider to ensure that information provided is the most up to date.

Whether you’re looking for your first mortgage or a remortgage deal, it can be advantageous to use a mortgage broker who can scour the market for the best deal for your circumstances.

We’ve provided our pick of the best national mortgage brokers (listed alphabetically below), looking at their scope, the broker fees charged, if any, and their customer service rankings as posted on review website Trustpilot.

We also looked at whether the brokers have any particular areas of specialism, such as a focus on borrowers with poor credit or larger mortgages, for example.

Please note: using a fee-free broker may not necessarily result in a lower overall cost for the mortgage. See our How much does a mortgage broker’s service cost? section below.

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Our pick of the best UK mortgage brokers of 2024


BEST FOR FAST APPLICATIONS

Better.co.uk

Better.co.uk

Broker fee

Fee-free

Whole-of-market

yes

Customer service

4.8 out of 5

Better.co.uk
Get Started

Via Better.co.uk

Broker fee

Fee-free

Whole-of-market

yes

Customer service

4.8 out of 5

Why We Picked It

Digital mortgage broker Better.co.uk, which was previously known as Trussle, was set up in 2015 to offer a ‘hassle-free’ and convenient approach to getting a mortgage online.

With an easy to use online form (completing it takes around 15 minutes), customers can quickly and simply find the deals that are right for them. Better offers borrowers a fee-free service and is a whole-of-market broker.

It offers 24/7 online support to customers and has a strong Trustpilot rating, which is 4.8 out of 5 based on more than 8,100 reviews. 90% of reviewers give the broker 5 stars.

Better is our broker partner and provider of our mortgage rates data.

BEST FOR SERVICE

Habito

Habito

Broker fee

Fee-free

Whole-of-market

yes

Customer service

4.9 out of 5

Habito

Broker fee

Fee-free

Whole-of-market

yes

Customer service

4.9 out of 5

Why We Picked It

Digital mortgage broker Habito launched in 2016 and has since built a significant market presence. It is developing a reputation as a broker offering top notch service with a quick and easy application process.

Applications are made online and correspondence is via email and through the app. Some parts of the process have to be done over the phone.

Habito’s Trustpilot rating is a high 4.8 out of 5 based on more than 8,800 reviews. 91% of reviewers give the broker 5 stars. Habito is a fee-free and whole-of-market broker.

BEST FOR NON-STANDARD BORROWERS

John Charcol

John Charcol

Broker fee

From £699

Whole-of-market

yes

*Customer service

4.9 out of 5

John Charcol

Broker fee

From £699

Whole-of-market

yes

*Customer service

4.9 out of 5

Why We Picked It

John Charcol was an independent mortgage broker who launched his eponymous business in 1974. The firm now helps first-time buyers, homeowners and buy-to-let borrowers find the right mortgage deal for their needs. It is whole-of-market, offering phone advice (free phone number open six days a week) and also face-to-face meetings.

John Charcol charges a fee to customers for its service. Fees are based on the type of transaction and whether you’re a returning customer. But typically, fees start from £699.

This broker is well known for being able to help borrowers with non standard requirements, such as the self-employed and those with adverse credit.

Its Trustpilot rating is among the highest at 4.9 out of 5 based on around 800. 95% of reviewers give the broker 5 stars.

BEST FOR ADVICE OVER THE PHONE

L&C Mortgages

L&C Mortgages

Broker fee

Fee-free

Whole-of-market

yes

*Customer service

4.6 out of 5

L&C Mortgages

Broker fee

Fee-free

Whole-of-market

yes

*Customer service

4.6 out of 5

Why We Picked It

L&C Mortgages (London & Country) launched in Bath in 2000. It is one of the largest and best-known national mortgage brokers, offering a whole-of-market view with no fee. For borrowers who prefer to speak to a real person, rather than deal exclusively online for their mortgage application, L&C can be a good choice.

L&C offers a freefone number for new customers, which is open and staffed seven days a week.

L&C is a highly experienced broker offering mortgage expertise in a wide range of scenarios, including non standard borrowers, buy-to-let and adverse credit.

L&C’s Trustpilot rating is a strong 4.6 out of 5 based on more than 13,000 reviews. 81% of reviewers give the broker 5 stars.

BEST FOR LARGER MORTGAGES

SPF Private Clients

SPF Private Clients

Broker fee

undisclosed

Whole-of-market

yes

*Customer service

5 out of 5

SPF Private Clients

Broker fee

undisclosed

Whole-of-market

yes

*Customer service

5 out of 5

Why We Picked It

Established in 1997, SPF Private Clients is a whole-of-market broker that specialises in high net worth borrowers and those with large mortgages, such as £1 million or more, for example. It has an impressive 5 out of 5 for its service on the consumer review website Trustpilot, with 99% of the 961 reviews registered giving the advisor 5 stars.

SPF Private Clients charges a fee for its broker service. The level of fees applied will depend on the specifics of your case, such as the size of your mortgage and the complexity of the case.

*Customer service scores as rated by Trustpilot (March 2024).

What is a mortgage broker?

A mortgage broker or advisor will search the market to find products and deals to suit your specific borrowing needs.

They will gather information about your financial position and your property to then seek out mortgages you’ll be eligible for that will offer the most competitive interest rates and fees. They’ll also be able to offer advice to you about which deals best suit your circumstances.

They can then apply for the mortgage on your behalf, completing the paperwork using the information you have supplied, and keeping you updated on the progress of your application.

While some brokers offer an online or ‘robo-advice’ service, such as Better.co.uk and Habito, others offer over-the-phone advice and even face-to-face meetings to suit the client’s needs. This is often the case for local brokers, where you might be able to go into their offices.

Mortgage brokers and advisors must be regulated by the Financial Conduct Authority.


Why use a broker?

Using a mortgage broker can save time and legwork in finding the right deal. That’s because brokers can access a broad range of lenders (with many brokers having access to deals from across the whole market), using software to identify the most suitable products.

A broker will also have expertise in the market so they can help you make the right decisions based on your circumstances. This means they can crunch the numbers to work out the best value product, in terms of the total cost of a deal, taking into account the interest rate, the arrangement fees and the duration of the deal.

Most brokers can also help with specialist needs and requirements, such as guarantor mortgages and other products designed to help first-time buyers.

They can also help source deals for borrowers with lower credit scores, or products suitable for self-employed homeowners, for example. They can help find those lenders that are most likely to accept you, and also show you how you can improve your chances of getting a deal.

Most brokers will be able to compare and advise on residential and buy-to-let mortgages as well as mortgages for holiday homes. Some may be able to help with sourcing secured loans and also commercial borrowing, such as mortgages for small businesses and companies.

Finally, another reason to use a broker is that if you’re later unhappy with the suitability of the mortgage you can complain about the broker’s advice to the Financial Ombudsman Service (FOS). In contrast, if you take a mortgage product directly from the lender without advice you won’t be able to complain to the FOS if you later feel the mortgage isn’t really appropriate or suitable for your needs.

If you take a mortgage product without advice you can still complain to the FOS about the lender if something goes wrong for example around your repayments or service levels.


What is a whole-of-market broker?

Mortgage brokers who are described as whole-of-market have access to all available mortgage deals (other than those from direct-only lenders, see below for more on this). All brokers in our pick of the best above are whole-of-market in this regard.

Whole-of-market includes deals for purchase and remortgage and also product transfer deals, which lenders only offer to their existing borrowers.

It means a whole-of-market broker can usually offer you a wide variety of choice of products, plus they should be able to source the cheapest deal for your needs.

Some brokers work only with a selected panel of lenders, so they have a restricted view and cannot offer deals from across the market. They are sometimes referred to as ‘tied’ brokers, as they are tied to offering the products of a smaller number of lenders.

The mortgage advisors based in a particular bank or building society are the most restricted and can only talk about mortgage products available from that specific lender.


Are there mortgage deals I can’t access through a broker?

Even with a whole-of-market mortgage broker there will still be a handful of deals that the broker won’t have access to. That’s because some lenders, such as online and phone bank First Direct and also Lloyds Bank, are ‘direct only’ and don’t offer their mortgage products through intermediaries/brokers.

There is no requirement for a broker to tell you about direct-only deals, but you can ask if there are any available that might be cheaper and suit your needs. Alternatively, you may want to look online at direct-only providers websites to see what rates and deals they are offering by way of comparison.

It is also important to note that some mortgage deals are only available through brokers. These are known as broker-exclusive deals.


How much does a mortgage broker’s service cost?

How much you’ll pay for a mortgage broker’s service will depend on the fee structure of the specific broker.

Some brokers, including many in our list above, don’t charge customers a fee for their service, receiving a commission or procurement fee from the lender instead (more on this below).

Other brokers charge an upfront flat fee, such as £500 for example, or a fee based on a percentage of your mortgage loan, this typically might range up to 1%. They may also receive commissions and procurement fees from the lenders.

Under FCA rules, brokers must clearly explain to customers about their fees, charges or any commission they receive for the deal, plus how and when any fees will be charged to the customer before they proceed with the application.

Opting to use the service of a fee-free broker won’t necessarily mean you’ll pay less overall for your mortgage as this will depend on the mortgage you sign up to after the advice. A broker charging an upfront fee might source a lower rate mortgage deal from the market, for example.


How does a fee-free broker make its money?

As mentioned above, most fee-free mortgage brokers will make their money from procurement fees – a form of commission paid by lenders to the broker for ‘procuring’ or finding the business.

Brokers must disclose the procurement fee they will receive from the lender as a result of your mortgage business. This must be clearly shown before you go ahead with the mortgage.

Typical procurement fees paid by lenders on a residential mortgage tend to be around 0.35% to 0.4% of the loan.


What questions should I ask a mortgage broker?

There are a few things to consider and questions to ask before you use a mortgage broker service. These might include:

  • is the broker whole-of-market, or do they have a restricted panel of lenders?
  • will the broker also show me direct-only mortgage deals?
  • what is the fee for mortgage advice?
  • if the service is fee-free, how will the broker be paid?
  • how and when can I contact you – by phone, email, opening hours?

What other services do mortgage brokers offer?

Most large mortgage brokers offer a range of related services, such as legal work associated with a house move or remortgage, surveyor services, and also advice on insurance for you and your property.

But bear in mind, while it can be convenient to go for these services through your mortgage broker they may not always be the best or cheapest option available.

Free Mortgage Advice

Better.co.uk is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage – and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage.


Frequently Asked Questions (FAQs)

Do I need to use a mortgage broker?

You don’t have to go through a mortgage broker to get a mortgage. But using a whole-of-market broker is a way to ensure you’re finding the best deals for you from across the market. Brokers can do this quickly and simply, showing you the range of deals on offer that suit your needs, to help with your decision.

A broker can also complete all the paperwork on your behalf and keep you updated with progress on the case, which could save time.

The knowledge and expertise of a broker can also be valuable for borrowers who may have more specific requirements. For example, they can help first-time buyers with details of various schemes, such as shared equity mortgages or family offset deals. They can also help those who don’t meet the standard requirements for mainstream mortgages, such as the self-employed, or those with a low credit score.

What’s the difference between a mortgage broker and an IFA?

A mortgage broker is usually a dedicated mortgage advisor, but many IFAs (independent financial advisors) can also give independent mortgage advice as well as broader financial advice (such as investments and pensions, among other things).

To give mortgage advice, a broker of IFA must be regulated by the Financial Conduct Authority and have the necessary professional qualifications.

Can mortgage brokers give advice on buy-to-let mortgages?

Most national mortgage brokers, including all the intermediaries listed in our table above, can source and advise on buy-to-let mortgage deals from across the market.

These well-established brokers also have plenty of expertise in advising on borrowing for non-standard customers, such as the self-employed, those with an irregular income, high net worth individuals and also people with poor credit.

How can I find out if a mortgage broker is regulated?

It is important to check that a mortgage broker is fully regulated by the Financial Conduct Authority. To do this you can check their credentials on the FCA’s financial register.


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