Mortgage Broker or Bank: Which Should You Use?

You’re thinking about getting a mortgage. Maybe it’s your first, or perhaps you’re switching deals. Either way, you’ve probably wondered: Do I go straight to my bank or talk to a mortgage broker instead?

Both options are on the table. However, depending on your situation, one approach could make things quicker, cheaper, or just easier overall.

Below we look at both options to help you figure out which will best be for you.

What Does a Mortgage Broker Actually Do?

A mortgage broker listens and provides unbiased mortgage advice. They’ll ask how much you earn, what you’ve saved, your credit history, and what kind of mortgage you’re after. Then they check across multiple mortgage lenders to find one that’s more likely to say yes and offer something that fits.

You’ll often find they do more than people expect:

• Search for deals across many banks and building societies, not just one bank
• Match you to lenders that are likely to accept your case
• Access exclusive interest rates and products you won’t see on public sites
• Handle the application process and chase progress
• Flag potential problems early
• Offer guidance and updates all the way to completion

Because brokers aren’t stuck with one lender, they can look around and find something that fits, not just the first deal a bank might offer.

When your income’s a bit complicated or your credit’s been hit in the past, it helps to have someone who knows which lenders best fit your situation.

What About Going to a Bank or Building Society?

Go directly to a bank or local building society, and you’ll only see what they offer. That might work out, but you won’t know if it’s the right mortgage rate and deal unless you shop around.

Usually, that means:

• You’ll only see that one lender’s range of mortgage products
• You won’t get a comparison with what other lenders accept and offer
• The service might be quick, but it is limited to standard cases
• They don’t have to tell you about better options elsewhere
• If your case is complex, you may be turned away altogether

Some existing customers receive reasonable loyalty interest rates, especially when they remortgage. But not always. And not every bank is flexible when it comes to less common properties or trickier income setups.

Broker vs Lender: What’s the Real Difference?

• Mortgage brokers work with the broader market
• Banks sell their own mortgage deals
• Brokers tailor advice based on your goals
• Banks can’t tell you what’s better elsewhere
• Brokers help with complex cases, self-employed, poor credit, and unusual property.
• Some specialist lenders only work through brokers.

And here’s something else: independent mortgage brokers often know how different lenders think. That means fewer rejections and delays—and better odds of approval the first time.

Do Brokers Charge More Than Banks?

Some brokers charge a fee, especially for more involved work. At YesCanDo, we’re a fee-free broker—we don’t charge you anything for our help.

Either way, what matters most is value. Even if you pay a fee, you might still end up saving money over the mortgage term by getting a competitive rate that’s better than what the bank offers, which you might’ve accepted without checking.

Before you choose a mortgage broker, ask:

• Do they charge broker fees?
• How do they get paid?
• Are they whole-of-market or tied to specific lenders?

A good independent broker will take the time to understand your financial situation and explain everything upfront.

Can a Broker Actually Find You a Better Deal?

Often, yes. Brokers can access deals you won’t see on public sites. Some lenders only offer their best rates through brokers. Others work exclusively with brokers and don’t accept applications from the public.

This means:

• You may get access to a better rate
• You could avoid a lender that’s too strict for your case
• You’re less likely to waste time with an application process that goes nowhere

“Too many people go straight to their bank without realising they might be missing out. A good broker doesn’t just compare rates—they help you find the right lender for your situation, even when things aren’t straightforward.”
— Steve Roberts, Director at YesCanDo Money

Your bank might offer something solid. But unless you’ve seen what else is out there, how would you know if it’s the right deal?

When choosing a broker here are the Top 10 Questions to Ask a Mortgage Broker >

How Do Brokers Know Which Lenders to Approach?

It’s not guesswork. Brokers speak to lenders every day, so they develop a sense of what each one looks for and what they tend to reject.

Some lenders are strict. Others are more open-minded. One might be fine with self-employed income, while another wants two years of steady PAYE. Some are okay with a small credit blip. Others won’t touch it. A good mortgage broker keeps track of all that, based on real outcomes, not just what’s written on paper.

Rather than taking a shot in the dark, a broker looks at what’s likely to work and avoids the lenders that would probably say no.

It’s that kind of real-world know-how that helps, especially when your situation doesn’t fit the usual boxes. And with over 99 UK mortgage lenders to choose from, knowing where to start is half the battle.

When to Use a Mortgage Broker

Using a mortgage broker can help if:

• You’re self-employed or your income is complex
• You’ve had credit history issues in the past
• You’re buying a non-standard property
• You want someone to manage the process
• You want the chance to explore more lenders, especially ones that don’t deal directly with the public

They’ll often take the weight off your shoulders, keep things moving, and boost your chances, especially when timing counts.

When a Mortgage Lender Might Be Enough

Sometimes, going directly works just fine:

• You’re already with a bank that offered you something good
• Your situation is very straightforward
• You’re confident comparing deals on your own
• You don’t need much help or follow-up support

Even then, it’s worth a quick chat with a broker. It won’t cost anything, and it could confirm that the offer you’ve got is genuinely competitive.

Do Online-Only Lenders Offer Better Deals?

Not really. Many online-only lenders operate similarly to traditional banks, but without physical branches. They still only show you their mortgage products.

If anything about your case is unusual, they may reject it. No explanation, no workaround.

Mortgage brokers are familiar with the product range available elsewhere and understand how multiple lenders underwrite. That guidance can be the difference between a smooth approval and hitting a wall.

Should You Use a Mortgage Broker or Go Direct?

Here’s a side-by-side comparison:

Ask yourself:

• Do you want a competitive rate across the market?
• Are you unsure which banks and building societies accept your circumstances?
• Would you rather not handle the whole thing yourself?

If any of those apply, speaking to a broker makes sense.

Get the Right Deal with a Trusted Mortgage Broker

At YesCanDo, we’re an independent mortgage broker. We work with over 90 mortgage providers, from high street lenders to niche specialist lenders. We don’t charge a fee, and our job is to help you get the right mortgage deal, not just any deal.

Get in touch with our fee free mortgage team and get support that’s tailored to your individual needs, from the first conversation to the day your mortgage completes.

Your mortgage. Your way. Let’s make it work.