12 questions to ask a mortgage broker: guide for buyers in a competitive market

A consumer guidance note on mortgage brokers has been updated to help home buyers navigate a crowded market and avoid common pitfalls. The Money section emphasizes that getting a mortgage is a major financial decision and that enlisting a broker can help those with smaller deposits, self‑employment, or shorter job histories find suitable deals. The guidance lists 12 core questions borrowers should ask prospective brokers to determine fit and to ensure they receive the most appropriate options for their circumstances.

Key points from the guidance center on how a broker sources products, how transparent they are about costs, and how they manage sensitive information. Brokers that offer access to a broad range of lenders can present more options and better match unusual income, property types, or credit histories to lenders. By contrast, brokers who are tied to a limited panel may miss out on deals that could suit a borrower’s needs. Industry professionals cited in the guidance underscore that whole‑of‑market access—from high street banks to specialist lenders—generally improves the odds of finding an optimal product. Independent brokers, the guide notes, are typically better positioned to provide impartial advice because they aren’t bound to one lender’s range.

Regulation and accountability are also highlighted. The Financial Conduct Authority (FCA) oversees mortgage brokers in one of two ways: firms can be authorized by the FCA or operate as appointed representatives of a firm that has the necessary permissions. The guidance urges borrowers to check the FCA online register to confirm a broker’s status before proceeding. This emphasis on regulation complements the broader market push for transparency as lenders, brokers, and consumers navigate a complicated approval process.

The guide stresses upfront clarity on how brokers are paid and what fees are involved. Some brokers charge a fee for their service, while others are compensated by the lender through commissions. Understanding when fees are due—whether upfront, on offer, or at completion—helps households manage cash flow during a move. A clear breakdown of costs also enables consumers to compare value rather than rely on headline rates alone. In this vein, the guidance advises asking for a detailed fee schedule and explaining any potential hidden charges that could influence a recommendation. It also suggests verifying whether initial consultations are free and how subsequent charges are structured.

Privacy and data handling are another focus. If a broker is linked to an estate agent or other intermediary, borrowers are advised to clarify how their financial information will be shared and who will have access. The goal is to ensure that the broker is acting in the borrower’s best interests and that sensitive details—such as what the borrower can afford—are safeguarded from unnecessary exposure during property negotiations. A clear confidentiality policy is presented as essential to protecting financial privacy throughout the process.

Credit checks feature prominently in the guidance. Borrowers should know whether a hard or soft search will be performed and when. Soft searches are less intrusive and can help gauge eligibility without damaging a credit score, while well‑timed hard checks can affect underwriting. A careful sequencing of checks is recommended to protect the borrower’s credit profile while keeping momentum on the application.

Affordability is another area where the guide advises transparency. Lenders typically test a budget at a higher rate than the initial rate to assess affordability under stress. Knowing the stress rate used, or having a ballpark estimate, helps buyers set a realistic price range and avoids wasted effort on applications unlikely to succeed. A broker who models stress scenarios early can save time and disappointment by aligning expectations with what lenders will actually approve.

Beyond the rate itself, the guide encourages borrowers to consider the total cost of the mortgage. This includes not only headline rates but also product fees, valuation costs, legal fees, and any incentive periods that may expire. The guidance suggests comparing the true cost over two to five years and notes that a higher‑rate deal with low fees can sometimes be cheaper overall than a cheaper headline rate with hefty upfront charges. A competent broker should present a clear apples‑to‑apples comparison so borrowers can assess the real pounds and pence involved.

Other practical considerations addressed include whether a mortgage is portable. Porting can allow a borrower to stay on an existing deal when buying a new home, potentially avoiding exit charges if the new deal is affordable and meets lender criteria. However, portability is not automatic approval; affordability checks and property eligibility still apply, and timelines can be tight in a moving chain. The guidance notes that borrowers should understand the process and potential pitfalls upfront so a port does not derail a sale.

The guide also covers selecting the right mortgage type to fit a borrower’s financial pattern. Fixed rates can provide budgeting certainty, trackers may suit those who can tolerate rate fluctuations, and offset mortgages can offer meaningful savings for savers and those who carry cash balances. Early repayment charges and overpayment allowances are additional factors borrowers should review with their broker to ensure the chosen structure aligns with future plans.

Finally, the document stresses practical documentation. Delays often stem from gaps or inconsistencies in paperwork, so borrowers should prepare precise bank statements, payslips, tax documents such as SA302s, identity documents, and proof of deposit. A broker can provide a tailored checklist to speed up the process and reduce delays.

The guidance also prepares borrowers for contingencies. If an initial mortgage application is declined, brokers should have a plan B, including alternative lenders or products. A proactive broker who offers options and clear terms can keep a move on track even if appetite or criteria shift mid‑process. Overall, the joined takeaways emphasize careful selection of a broker, grounded in transparency, regulatory compliance, and detailed planning to navigate a market that remains competitive for homebuyers.

Source notes: The guidance originates from a Money section feature that synthesizes expert commentary from prominent mortgage professionals and industry groups, and references the FCA’s regulatory framework. The article compiles these perspectives to offer a practical framework for borrowers considering a broker as part of their home‑buying journey. The original material appeared in the Daily Mail Money segment under the headline 12 questions you must ask a mortgage broker, with the update dated September 22, 2025, reflecting ongoing market realities and consumer protections in the mortgage space.