12 questions to ask a mortgage broker before committing to a new deal

Buying a home with a mortgage is one of the biggest financial decisions for most buyers, and a broker can help them navigate a complex market. A recent guide draws on industry experts to outline 12 essential questions to ask a prospective mortgage broker before committing to a deal. The guidance, which mirrors reporting in Daily Mail Money and is echoed by This is Money in partnership with lender comparison service L&C, emphasizes preparation, clear costs and choosing a broker who acts in the borrower’s best interests. Brokers can be particularly helpful for buyers with smaller deposits, the self-employed or those who have not been with their current employer for long, but borrowers should do their research to ensure they find the right fit.

The breadth of a broker’s lender panel matters. Brokers who can access a wide range of lenders, including high street banks, building societies and specialist lenders, give borrowers more options. This broad access increases the odds of matching unusual income, property type or credit history to a lender that fits. Conversely, a broker tied to a restricted panel may miss better deals elsewhere, limiting the borrower’s potential savings or suitability of terms.

Independent status is another key consideration. Brokers who are not tied to a particular lender are more likely to offer impartial advice, reducing the risk that product recommendations are steered toward a sponsor or partner. Regulation matters as well. In the United Kingdom, mortgage brokers should be regulated by the Financial Conduct Authority, either as authorised firms or as appointed representatives of a regulated parent. Prospective borrowers can check the FCA online register to confirm a broker’s status.

Fees and how brokers are paid are also central to the decision. Borrowers should ask for a clear, upfront breakdown of all costs, including any upfront fees, ongoing commissions or lender-paid compensation. Knowing when fees are due helps borrowers manage cash flow and compare value rather than rely on headline promises. Some brokers charge fees directly, while others are paid by lenders, and a transparent breakdown makes it easier to separate merit from marketing.

Confidentiality is another practical concern. Borrowers should ask who will see their financial details and what policies protect privacy. If a broker is recommended by a third party such as an estate agent, it is important to clarify whether sensitive information could be shared and how data will be used during negotiations.

Credit checks matter, too. Borrowers should understand whether the broker will perform hard or soft checks and when they will occur in the process. Soft searches can gauge eligibility with less impact on credit scores, while hard searches can affect scoring ahead of an underwriter review. A well-planned sequence helps preserve options if a plan B is needed.

Affordability testing, or stress testing, is a standard part of mortgage underwriting. Lenders simulate payments at a higher rate than the initial quoted rate to test whether a borrower could still meet obligations if rates rise. Knowing the stress rate upfront helps set a realistic price range and reduces the chance of wasted applications or disappointment later.

Another practical step is evaluating the true cost of the mortgage. Borrowers should consider not only the headline rate but also fees, valuation costs, legal costs and any short incentive periods. Sometimes a higher rate with lower fees can be cheaper overall than a rock-bottom rate with large upfront costs, so a clear, apples-to-apples comparison is essential.

Portability can be a helpful feature for those moving home before a fixed deal ends. Porting allows borrowers to stay on their existing deal when switching properties, potentially saving exit charges. However, porting is not automatic approval; affordability checks still apply, the new property must meet criteria, and timelines can be tight. Borrowers should understand the process and any risks that could derail a move.

Finding the right fit involves more than a single question. The correct structure should align with income patterns, savings habits and tolerance for rate movement. Fixed-rate products provide budgeting certainty, trackers offer potential savings if rates fall, and offset mortgages can significantly reduce interest for savers or those with cash balances. Early repayment charges and potential overpayments should be part of the discussion so borrowers know their options over the life of the loan.

Documentation typically forms a bottleneck in mortgage applications. Having precise bank statements, payslips or SA302s, identity documents and deposit proof ready can speed up underwriting. A comprehensive checklist from the broker helps prevent delays caused by missing or inconsistent information.

Finally, borrowers should plan for what happens if an application is rejected. Criteria and lender appetite can shift mid-process, so a proactive broker should have a clear fallback plan to keep the transaction alive and minimize disruption. Clear fee terms are especially important if a switch to a different product or lender becomes necessary.

In practice, borrowers are advised to explore their options early, whether they are buying a home or remortgaging when a fixed-rate deal ends. This is Money’s mortgage guidance stresses a broad search and transparent costing, with L&C providing a calculator to compare thousands of deals from more than 90 lenders. While rates can change quickly, starting conversations early helps ensure borrowers secure a rate they can afford and a product that suits their financial situation.

For buy-to-let borrowers, remortgaging requires particular attention to the different terms and potential costs. L&C also offers guidance on buy-to-let mortgages, acknowledging the distinct market dynamics that can affect monthly payments and profitability.

Overall, the key takeaway is straightforward: work with a broker who offers broad lender access, independent advice and clear, upfront information about fees and processes. A careful, well-informed approach supported by reputable guidance and tools can reduce surprises and help borrowers secure a mortgage that fits their long-term plans.