From the outset it might not be clear who is who in the mortgage intermediary business. You might be dealing with a broker who is tied to certain home loan providers and might not be able to search the whole market for you. Ideally you would want a consultant who is able to reach even the unreachable to get the best deal on the market. Then, he would truly deserve his fee.
There might be circumstances in which you would have to go to tied agents. Generally difficult mortgages require more specialist knowledge and there are only few companies that issue such home loans. You would not have heard of those companies until you would need to deal with one. By nature, those specialist companies would not have branches of sort but tied agents. Some may only work with their agents. That does not mean an independent advisor would not find those mortgages. However, they may have to go through specialist agents that increases the number of people who need to earn commission over you.
On the other hand, for a conventional mortgage you would want to go to an independent advisor who will be able to search far and wide. Unless they are greedy and unethical they would come up with the best deal for you. Few might put their own interest before clients and push for the higher commission paying ones.
That is why you need to be well aware of the going rate at the time even if you employed a broker. There could be a valid reason why an advisor would suggest a certain lender, but you would not know that unless you are familiar with the market yourself.
Online mortgage platforms are now the new mortgage intermediaries. You could instantly check the current rates and get mortgage quotes from the comfort of your home. If you are not frightened of handling the application process, you could even apply for a mortgage online and save the broker fees.
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