Are all mortgage brokers the same?

Do all mortgage brokers have access to the same deals?

No, not all mortgage brokers have access to the same deals. Some brokers have access to a small handful of mortgage deals, while others have access to thousands. 

For example, here at Tembo we work with more than 100 lenders and have access to over 20,000 mortgage products, while some brokers work with much fewer lenders and products.

Our unique decisioning technology compares your eligibility for all these products in a matter of seconds when you create a free Tembo plan. So you can get a personalised recommendation of the best ways to make home happen for you. 

Do all mortgage brokers charge a fee?

The truth is that many mortgage brokers will charge a fee for their service. The fee can be charged at different stages of the mortgage journey. Some brokers will charge for an initial appointment, while others (like Tembo) will only charge on mortgage offer, meaning you never pay for advice alone. Here at Tembo, we strive to create the best digital mortgage product possible for our customers, as well as ensuring our team can spend as much time is needed with each individual customer, no matter how complex their situation. Charging a fee enables us to dedicate this time to our customers.

In less than 10-minutes, our smart technology checks your eligibility with over 100 lenders and 20,000 mortgage products to create your personalised recommendation, as well as your maximum borrowing amount and live interest rates. Our customers can also book in for a free, no-obligation call with one of our award-winning experts instantly.

That's why our rate for standard mortgages and remortgages is as low as £299, although £499 is more common. For the more complex mortgages (such as those that require income boosts, adverse credit or equity transfers), we charge up to £749. For key workers, such as NHS staff, we've made sure our service stays free of charge.

What’s the difference between an independent and restricted mortgage broker?

The main difference between an independent and restricted mortgage broker is that an independent mortgage broker can recommend mortgages from across the market. While a restricted mortgage broker can only recommend mortgages from certain mortgage providers. In some cases, their recommendations may come from one single lender. 

If you speak to a mortgage advisor who works for a specific bank or building society, for example, they’ll only compare deals offered by their employer. This could see you missing out on the right mortgage deal for you. 

While independent mortgage brokers like Tembo have access to mortgage products from across the market. For instance, we have access to over 20,000 mortgage products from over 100 lenders. This can make it easier to find the right mortgage deal for you and your situation, because the broker will research from a wider pool of products and deals.

Are all mortgage brokers self-employed?

No, not all mortgage brokers are self-employed. Here at Tembo, we employ a team of expert mortgage brokers who work directly with thousands of first-time buyers, home movers and remortgagers. 

Many of our team were once self-employed, but choose to come work for our team because they believe in our mission to help make home happen for the next generation of homebuyers. 

Are some mortgage brokers better than others?

As with any other industry, it’s inevitable that some mortgage brokers will be better than others. A good way to decide between mortgage brokers is to see what their customers have to say about them and if they are respected across the mortgage industry. 

At Tembo, we pride ourselves on our exceptional customer service. That’s why we are loved by our customers, who have not only rated us an average of 4.9 stars on over 1,000 reviews on Trustpilot but have also voted Best Mortgage Broker at the British Bank Awards in 2022, 2023 & 2024. 

However, the best mortgage broker for you might differ from the best mortgage broker for your neighbour or best friend, for example. So if you’re looking for mortgage advice, you need to find the right broker for your situation.

For example, we specialise in helping first-time buyers and home movers get onto the property ladder with the help of innovative mortgage solutions. These include guarantor mortgages, shared ownership schemes, and 5.5x income mortgages. If you’re struggling to save a deposit, we can also help you find a mortgage specifically designed for those with no deposit or a low deposit.

While if you’re struggling to borrow enough for the house you want due to lenders’ affordability restrictions, we can help you increase your mortgage size. 

Unfortunately, we don’t offer adverse credit mortgages. So if you’re in a lot of debt or you’ve struggled with credit in the past, you may be better suited to a broker that specialises in poor credit. Some mortgage brokers specialise in helping people buy a house with bad credit, so it’s worth finding someone who understands your unique situation. 

Are mortgage brokers trustworthy?

The vast majority of mortgage brokers are trustworthy professionals who genuinely care about helping people. Whether a mortgage broker earns commission from lenders or charges customers a fee for their services, they have a responsibility to find the right mortgage for their customers’ needs.

When looking for a mortgage broker, it’s a good idea to compare reviews online before choosing the advisor for you. That way, you’ll get a feel for how they treat their customers and whether they’re right for you.

Take a look at our reviews to see what our customers have to say about us. We’ve been rated ‘Excellent’ and have received a 4.9 rating on over 1,000 reviews. 

How do I know if my mortgage broker is legitimate?

A legitimate mortgage broker will be regulated by the Financial Conduct Authority (FCA). There have been cases where fraudulent companies have included false claims on their websites to trick people into thinking they’re regulated. If you’d like confirmation that a particular broker is registered, you can search the company’s name on the FCA register yourself. This takes a matter of seconds to do. 

Can I use more than one mortgage broker?

Yes, you can use more than one mortgage broker at the same time if you like, but this could hinder rather than help your application. There are a few reasons for this: 

1. It could affect your credit score

When you initially get in touch with a mortgage broker, they’ll usually carry out a series of checks to get an idea of your financial situation. Having too many hard searches in a short space of time can have an impact on your credit worthiness, making it harder to get a loan. So by using more than one mortgage broker at once, you might end up shooting yourself in the foot and coming away with no mortgage offers at all.

When you create a free plan with us, we’ll give you a free personalised recommendation of the best mortgage and buying schemes for you, with no credit check needed. You’ll also get a free, downloadable Mortgage In Principle, which you can then show to estate agents and sellers to prove you’re in a good position to buy when you start house hunting. 

After that, you can book in a no-obligation call with one of our team, who will then run a full qualification process including a credit check. This will be visible on your credit file to other lenders, which is why it’s better to work with one mortgage broker instead of multiple brokers at once.

2. You’ll have more admin

Another downside of using more than one mortgage broker at once is that you’ll have more paperwork to fill out and messages to reply to than if you worked with one broker. 

A mortgage broker can take most mortgage-related admin off your hands, but you’ll still need to complete the occasional form and communicate with your broker when necessary. By using multiple brokers at once, you’re increasing your workload.

3. You may receive conflicting advice

A third potential downside is that you may receive conflicting advice. Your brokers might have access to different mortgage deals from one another, meaning that the best deal with one broker might not be the best deal with another. This could overcomplicate the process and make it harder for you to make a decision.

Can I change mortgage brokers?

Yes, you can change mortgage brokers at any time. So if you’re unhappy with your current broker’s service, you were pressured into using them by your estate agent or seller, or they don’t have access to the deal you need, you can switch to a new mortgage broker.

If you’ve already spotted a house you’d like to buy or the buying process is already underway, you might be worried it’s too late to switch to a new broker. This might not be the case, so why  not get in touch with us to find out where you stand? 

By creating a free Tembo plan, you can get a personalised recommendation of all the best ways for you to get on the ladder, and book in a call with one of our mortgage experts in a matter of minutes.