Do I need a mortgage broker as a first-time buyer?

What a broker does

• Searches across many lenders (a whole-of-market broker looks at nearly all of them) rather than one bank's products.
• Knows which lenders will accept your situation: probation period, self-employed for 18 months, a gifted deposit, a small blemish on your credit, a new-build flat.
• Gets your mortgage in principle, does the full application, and chases the lender when it goes quiet.
• Advises on fixed vs tracker, term length and fees, in the context of your plans.
• Is regulated: if the advice is wrong, you have recourse.

What it costs

Lenders pay brokers a fee (a "procuration fee") when a mortgage completes, so many brokers charge you nothing. Others charge £200 to £500, sometimes more, usually on offer or completion. Both models are fine; just ask up front and get it in writing.

When going direct makes sense

If your situation is completely standard (employed, been there years, clean credit, 15% deposit) and you have seen a specific deal from a bank you already use, going direct is fine. Even then, a broker may find the same deal or better and will do the paperwork.

How to spot a good one

• Whole of market, not tied to a panel of six lenders.
• On the FCA register.
• Explains the fee before you start.
• Asks you a lot of questions in the first conversation. A broker who quotes a rate in the first five minutes has not understood your situation yet.
• Does not pressure you into life insurance in the same breath. Protection is worth discussing; being sold it is not.

When you are ready, our talk to a broker page points you to brokers for Northern Ireland and for England and Wales.

A note on the numbers. Thresholds, schemes and typical costs are correct as far as we know at the time of writing and are for England and Northern Ireland unless we say otherwise. Rules change and lenders differ. Check the current position, and get advice from a qualified broker before you commit.