Mortgage Broker FAQs

A mortgage broker searches the market on your behalf, compares deals from multiple lenders, checks which ones you’re eligible for, and handles the application and paperwork through to completion. Instead of applying to one bank and hoping for the best, a broker matches your circumstances to the lenders most likely to accept you often at a better rate than you’d find going direct.

Yes. Masari Finance is a fully FCA-regulated mortgage broker, which means we’re authorised and supervised by the Financial Conduct Authority and held to strict standards around advice quality and consumer protection. You can verify any UK broker’s FCA status on the official FCA Register before working with them.

Yes. If your current mortgage deal is ending or you want to reduce monthly payments, our remortgage specialists can help. We compare remortgage rates from a wide range of lenders, review your options, and recommend a mortgage structure aligned with your financial objectives whether you want improved monthly repayments or better long-term terms.

A whole-of-market broker can access deals from the entire mortgage market high street banks, building societies, and specialist lenders rather than being tied to a small panel. Masari Finance has access to 170+ lenders, giving you a far wider range of rates and products than approaching a single bank directly.

UK mortgage brokers are typically paid in one of two ways: a commission from the lender once your mortgage completes, a direct fee from you, or a combination of both. Always ask your broker to confirm how they’re paid before you proceed, so there are no surprises later.

A broker compares rates across dozens of lenders instead of just one, understands each lender’s criteria, and can often access deals not available to the public. This saves you time, reduces the risk of a rejected application affecting your credit score, and increases your chance of securing a competitive rate.

It depends on the broker’s fee structure some operate on lender commission only, while others charge a fee. Ask upfront exactly what you’ll pay, if anything, before you commit to using a broker.

Most lenders base affordability on 4 to 5 times your annual income, though this varies depending on your outgoings, credit history, deposit size, and the specific lender’s criteria. A mortgage broker can give you a more accurate borrowing estimate by comparing how different lenders assess affordability.

A Decision in Principle (DIP), also called an Agreement in Principle (AIP), is a lender’s initial indication of how much they might lend you based on a soft credit check. It’s not a guaranteed offer, but it strengthens your position when making an offer on a property, as it shows sellers and estate agents you’re a serious buyer.

A typical mortgage application takes anywhere from 2 to 6 weeks from submission to formal offer, though this can vary depending on the lender, the complexity of your circumstances, and how quickly documents are provided. Your broker manages this process and lender communication to keep things moving as quickly as possible.

Lenders generally require proof of ID, proof of address, 3 months of bank statements, recent payslips or tax returns (for self-employed applicants), and details of any existing debts or financial commitments. Your broker will confirm the exact list based on your lender and mortgage type.

Yes. Self-employed applicants can get a mortgage, though lenders usually ask for 2–3 years of accounts or tax returns to assess income. A broker who understands specialist and high-street lender criteria can match you with lenders that are more flexible toward self-employed and contractor income.

Lenders generally require proof of ID, proof of address, 3 months of bank statements, recent payslips or tax returns (for self-employed applicants), and details of any existing debts or financial commitments. Your broker will confirm the exact list based on your lender and mortgage type.

Yes, though your options may be more limited and rates potentially higher. Some specialist lenders work specifically with applicants who have missed payments, defaults, or CCJs a broker with access to these lenders can identify realistic options without harming your credit score through repeated applications.

There’s no single minimum score, as each lender uses its own scoring system and criteria. Rather than focusing on a specific number, lenders look at your overall credit history, income stability, and existing debts a broker can advise which lenders are more likely to accept your profile.

Most first-time buyer mortgages require a minimum deposit of 5–10% of the property price, though a larger deposit typically unlocks better interest rates. Given higher property prices in London, it’s worth speaking to an advisor early to understand realistic deposit targets for the areas you’re considering.

Depending on eligibility, first-time buyers may benefit from schemes such as Shared Ownership, First Homes, or guarantor mortgages, alongside standard first-time buyer mortgage products. A mortgage advisor can confirm which schemes you currently qualify for and how they affect your borrowing.

While not required, a broker is especially valuable for first-time buyers, as the process involves unfamiliar terminology, paperwork, and lender criteria. An advisor explains each step, compares suitable deals, and helps you avoid costly mistakes on one of the biggest financial decisions you’ll make.

From initial consultation to formal mortgage offer typically takes 2–6 weeks, depending on how quickly you provide documents and how straightforward your circumstances are. Getting a Decision in Principle early can help speed up the overall home-buying timeline.

Most homeowners start looking 3–6 months before their current fixed or discount rate ends, as this is when many lenders’ standard variable rates (SVR) kick in and monthly payments can rise significantly. Reviewing your options ahead of time helps you lock in a competitive rate before your deal expires.

It can be, particularly if your current deal is ending, your property has increased in value, or your financial circumstances have improved since your last mortgage. A remortgage broker compares current rates across lenders to see whether switching could genuinely reduce your monthly repayments or overall costs.

Yes, this is known as a remortgage for capital raising, and it allows you to borrow against the equity you’ve built up often used for home improvements, debt consolidation, or raising a deposit for another property. A broker will assess your equity, income, and goals to confirm what’s realistically achievable.

If you don’t switch deals, you’ll typically move onto your lender’s Standard Variable Rate (SVR), which is usually higher than fixed or tracker deals. This can mean a noticeable jump in your monthly payments, which is why reviewing your options before your current deal ends is worthwhile.

Buy-to-let mortgages are assessed primarily on the property’s expected rental income rather than solely your personal income, and they typically require a larger deposit (often 20–25%). Rates and criteria also differ from standard residential mortgages, so specialist advice is important.

A broker is highly recommended, as buy-to-let lending criteria varies significantly between lenders and depends on rental yield calculations, portfolio size, and landlord experience. A specialist broker compares buy-to-let mortgage rates across 170+ lenders to find options suited to your investment goals.

Yes, though options may be more limited than for experienced landlords, and lenders will look closely at affordability and projected rental income. A mortgage advisor can identify lenders open to first-time landlords and explain what to expect from the application process.

A bridging loan is short-term property finance used to “bridge the gap” for example, buying a new property before your current one sells, funding an auction purchase, or covering a renovation before refinancing. It’s designed for time-sensitive situations where a standard mortgage would take too long to arrange.

Bridging finance can often be arranged much faster than a standard mortgage, in some cases within days to a couple of weeks, depending on the lender and complexity of the case. Speed is one of the main reasons buyers and investors use bridging loans for time-critical property transactions.

Yes, bridging loans generally carry higher interest rates than standard mortgages because they’re short-term and higher risk for the lender. They’re best used as a temporary solution with a clear exit strategy, such as selling a property or refinancing on to a standard mortgage.

Yes, bridging loans generally carry higher interest rates than standard mortgages because they’re short-term and higher risk for the lender. They’re best used as a temporary solution with a clear exit strategy, such as selling a property or refinancing on to a standard mortgage.