What Does A Mortgage Broker Do?
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What Does A Mortgage Broker Do?
Billy Drury, Oliver Potter and Mark Potter introduce Major Money Matters and explain the role of a mortgage broker.
What does a mortgage broker do?
Billy: A mortgage broker normally finds out exactly what you can borrow so you can see what you could buy. We explain the process to get where you want to be, and take you through the steps to get there.
You might be selling a property or waiting for money to be released from something. We support you from that point onwards, and hold your hand until the end.
What’s the difference between going to a mortgage broker versus your local high street lender?
Oliver: We are basically there to hold your hand. We’re experts and we do genuinely care, as opposed to a local high street lender, or a mortgage broker in an estate agent, which can take a ‘conveyor belt’ approach.
Most of our clients are with us through word of mouth. We deal with whole families who have recommended us. It is important to us to get you the most suitable deal and make sure it goes through.
We’ve got a large panel of lenders, as well. Some brokers have a limited panel. They might say they’re whole-of-market, but eight lenders can make up 90% of mortgages. The devil can be in the details. We’ve got no ties to anyone, so we can approach the most suitable lender for each client.
Billy: Not every situation is the same. Some situations are so complex, but others could be simple. Advice is always needed along the way. Perhaps there are financial complexities in how people get paid – and then it’s not always easy to go to your local bank. They potentially aren’t always the best for your situation.
What services does a mortgage broker offer?
Mark: I’ve been broking for 30 years, so there’s no part of the process I’ve not seen or can’t deal with.
We deal with third parties for you. We can talk to estate agents and solicitors – some of which we deal with on a regular basis. We recognise that if it’s your first time, you don’t actually want to get a mortgage. You want to own a house.
We make sure the house that you’re buying is worth borrowing the money. We’ve got valuers and we can get a homebuyers report done, or a structural survey to make sure you are getting what you think you are.
Estate agents can be quite difficult beasts to deal with, because they simply want to sell that house. They’re not worried about whether it’s right for you, forever. So where we don’t actually provide the service, we can suggest other people to help, and get the best deal for you.
What is an Agreement in Principle, and how can a mortgage broker help with this?
Billy: An Agreement in Principle or Mortgage in Principle doesn’t mean you will 100% get the mortgage, but it does give you an idea of whether you’re going to pass credit scoring.
Normally the Agreement in Principle will state how much you can borrow, on the basis that the information we’ve got is correct. Obviously, it hasn’t been underwritten at that point. It’s not set in stone until an underwriter has gone through the whole full application form.
Estate agents these days do tend to want an Agreement in Principle. It’s not always needed, but will help you at offer stage.
Oliver: Estate agents want these to show that you are capable of borrowing the money.
We can provide that for you. Whether you’re a First Time Buyer or home mover, we can get that piece of paper to confirm your ability to purchase the house you’re looking at.
Some people like to have this to look at properties, while others only require one when they’ve made an offer. There’s not really a right or wrong way, but it’s likely that before you can make your offer, you will probably need one.
We’d want the standard documents – passports, payslips, bank statements. It’s just a case of having a chat and seeing what’s the best way to play it.
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We know the financial side of life can be complex and that’s why we work hard to get to know you and your aspirations through careful life planning and consultation.
Can you tell us a bit about Major Money Matters?
Oliver: It’s Mark’s company and we’re a family-run business – Bill being my older brother. From when Dad started it, he built relationships that are long-standing. A lot of our business is via word of mouth and people referring others to us.
Dad’s dealt with people for 30 years, and Billy and I for not quite as long as that – but we have done many mortgage renewals. We’re here for the life of the mortgage, whether it’s your first house, your last house, you’re looking at later life lending….any position you’re in. We’re happy to deal with everyone in your immediate and non-immediate circle.
We support a lot of clients with Buy to Let, especially as some people decide to buy properties in place of a pension. A lot of our clients are on their second or third Buy to Let, or have built up a portfolio of properties. They can either sell those as they get older to fund retirement, or just rely on the income from the properties once they stop working.
As an expert brokerage, we’re not a transactional kind of business. We each know all the clients and who deals with them. We genuinely want to retain everyone and help as much as we can. We’re a friendly face to cut through all the jargon.
In my time, I’ve typically dealt with a single applicant, who is now married with children and now I’m on to doing mortgages for their kids – it makes you feel really old! Some are even retiring and buying with their pension pots. I think when I get to the grandchildren, it might be time to give up.
Can you advise on mortgage protection as well?
Oliver: We have two people in the office that specifically deal with protection. Mark and I have dealt with it, but we find it’s best to split the process up. We deal with just over 100 lenders in the mortgage space, and we need someone that’s more specialist in the protection area.
It’s just too big to swallow as a singular process. With protection, there’s nothing obligatory about it – there are no rules that you have to do it. But mortgage protection is priced on risk.
Sometimes when a premium is more expensive, it’s because over the several hundred years these insurers have been around, they’ve found it more statistically likely you will encounter a life event. It’s priced accordingly.
In an ideal world, everyone would have every element of protection in place. It’s not selling you a product just for the sake of it. It is genuinely a good thing to have, depending on what area you look at.
There are two parts to what we do – one is getting the house, and the other is keeping it. Nobody expects to be ill or die, but unfortunately, it does happen. Our in-house specialists make sure you’re aware of what you can be covered for and at the best value.
Billy: People have their cars and their mobile phones insured. Why would you not insure the biggest asset you probably will ever own? It does come down to cost and being able to afford it every month, but it’s better to have some cover than nothing at all.
Oliver: People accept car insurance because there’s always the chance of having a crash. But no one expects to pass away or or get sick – and no one likes to talk about that. But it is a possibility.
One in two people will be diagnosed with cancer at some point in their lives and the average age of someone claiming on their income protection is mid-30s. So it does happen. Making sure you’re aware of the risk is our job, basically.
At what stage in the process should I see a mortgage broker?
Oliver: It’s basically when you’re thinking about moving or buying your first place. If you’ve never done this before, you’re unlikely to know what the process is. You’d rather have the information and be a bit more better informed.
We’ll tell you the various stages, what to do and what not to do. For example – don’t take out any new credit cards or do any new credit searches that may affect your credit score. Avoid payday loans and don’t do anything out of the ordinary.
Some people like to close accounts or open a joint account – but before you get to that point, speak to a mortgage broker. You might think you’re doing something for the best, but sometimes you could cause issues behind the scenes.
Billy: Even if you’re not going to be buying in the next sort of month or so, but in 12 months’ time, at least you will know the process. We can put you in the best possible light going forward.
Nothing surprises us when it comes to people’s finances. It’s always just worth a chat. People often come to us doubting their ability to buy a home, but find they are in a better position than they thought.
Even if you don’t have the ability at the current moment, we can talk through the steps to take to get where you want to be. There’s no judgment from our side. We’re just here to get you a mortgage, no matter what’s happened in the past. We’re looking to help you move forward and not get into that situation again.
What else do we need to know about working with a mortgage broker?
Mark: I always say that it’s not a memory test. If you’ve got a question, just ask us, all the way along the process. We’re here to build up a long-term relationship with clients, so if you don’t understand something, just ask. We’ll tell you what we think and go from there.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
THE FCA DOES NOT REGULATE VALUATION, SURVEY, ESTATE AGENTS, SOLICITORS AND SOME FORMS OF BUY TO LET MORTGAGES. FOR VALUATION, SURVEY, ESTATE AGENTS AND SOLICITORS WE ACT AS INTRODUCERS ONLY.
Podcast recorded 04/2025