Mortgage Broker vs Bank — Which do you need?
Not sure which professional to hire? Here's everything you need to know about the difference between a mortgage broker and a bank.
At a glance
Cost comparison
| Service | Low estimate | High estimate | Per |
|---|---|---|---|
| Mortgage Broker | £0 | £500 | per application |
| Bank | £40 | £200 | per hour |
Indicative UK market rates. Always get at least 3 written quotes.
How to decide: Mortgage Broker or Bank?
- 1A whole-of-market mortgage broker searches all lenders including those not on the high street.
- 2Broker fees vary — some charge an upfront fee, others receive procuration fees from lenders only.
- 3Compare quotes from at least three local providers.
- 4Check reviews and verify credentials before booking.
Frequently asked questions
What is the difference between a Mortgage Broker and a Bank?
A Mortgage Broker typically handles: Residential mortgage application, Buy-to-let mortgage. A Bank typically handles: General services in this category.
How much does a Mortgage Broker cost compared to a Bank?
A Mortgage Broker typically charges £0–£500 per application. A Bank typically charges £40–£200 per hour.
Do I need a Mortgage Broker or a Bank?
A whole-of-market mortgage broker searches all lenders including those not on the high street. Broker fees vary — some charge an upfront fee, others receive procuration fees from lenders only. Compare quotes from at least three local providers. Check reviews and verify credentials before booking.
What qualifications does a Mortgage Broker need in the UK?
FCA authorised, CeMAP qualification (most common), Whole-of-market access recommended.
What qualifications does a Bank need in the UK?
Relevant trade qualifications, Public liability insurance recommended.