Broker or straight to the bank?
Brokers can search more lenders. Going direct can be quicker if you already know what you want.
A 'fee-free' broker is still paid, by the lender, once the mortgage goes through. Knowing who pays tells you how the service works.
Both are true. A bank can only offer you its own mortgages. A broker can compare deals from a range of lenders, and some search close to the whole market.
What's less often explained is how brokers are paid. Many receive a payment from the lender when your mortgage completes, called a procuration fee. Some also charge you a fee. Some charge you nothing and are paid only by the lender. All of these are normal.
Knowing which model your broker uses helps you understand the service. The FCA's own study of the market found brokers have a strong incentive to find you a suitable mortgage quickly, and a weaker incentive to search for the very best value. A good broker will tell you plainly how they're paid and how many lenders they cover.
Whichever route you choose, you can ask the same questions: how many lenders were compared, what fees apply, and what happens if your circumstances change before completion.
Where this information comes from
A procuration fee is the amount a lender pays a broker for bringing an application to it.
Source: FCA Handbook glossary, procuration fee. Checked 28 October 2026.
The FCA found brokers have strong incentives to find a customer a mortgage quickly, and weaker incentives to search extensively for the best value.
Source: FCA, Mortgages Market Study final report (MS16/2.3), March 2019. Checked 28 October 2026.
General information, not advice about your circumstances. Rules and rates change; this page was last checked 28 October 2026. Spotted an error? Tell us.