Struggling to Find The Right Mortgage Broker? 5 Things London Property Buyers Should Know Before Choosing

Right, let’s be honest here. Finding the right mortgage broker in London can feel a bit like trying to find a decent pint of Guiness in Zone 1, there are plenty of options, but most of them will leave you feeling ripped off and slightly disappointed.

The thing is, not all brokers are created equal. Some will limit you to a handful of lenders, some may not click with you, but there are a vast majority who will actually roll up their sleeves and find you the best deal possible. The trick is knowing how to spot the difference.

After three decades helping London property buyers navigate this maze, I’ve seen every type of broker under the sun. From the smooth-talking dealers to the genuinely brilliant advisors who’ll move heaven and earth to get you sorted. Here’s what you need to know before choosing someone to handle probably the biggest financial decision of your life.

1. Make Sure They’re Actually Whole-of-Market (Not Just Pretending to Be)

This one’s crucial in order to get the very best product. There are essentially three types of mortgage advisors out there, and only one of them is genuinely working in your best interest.

First, you’ve got your bank mortgage advisors. Nice people, usually, but they can only offer you their own products. It’s like asking a VW dealer which car you should buy, you’ll get a perfectly good answer, but it’ll always be a VW, won’t it?

Then there are tied or panel brokers. They can access a limited selection of lenders, usually between 10-20. Better than a single bank, but still pretty restrictive when you consider there are over 100 active mortgage lenders in the UK.

Finally, you’ve got proper whole-of-market brokers, and this is where firms like ours come in. We genuinely have access to virtually every lender in the market, from the big high street names to specialist lenders you’ve never heard of but who might have exactly what you need.

The difference this makes is enormous. Let’s say you’re buying a £800,000 flat in Clapham (because apparently that’s what flats cost these days). A whole-of-market broker might find you a rate that’s 0.2% lower than what a tied broker can offer. Over a 25-year term, that’s potentially £20,000+ in your pocket rather than theirs.

At Coreco, we pride ourselves on having no panels, no restrictions, no hidden affiliations. Just access to every single viable option, which means we can find solutions even when your situation’s a bit… complicated.

2. Check They’re Properly Qualified

Any legitimate mortgage broker must be registered with the Financial Conduct Authority (FCA) and hold proper qualifications, typically the Certificate in Mortgage Advice and Practice (CeMAP). This isn’t just a nice-to-have; it’s the law.

You can check this easily enough by visiting the FCA Financial Services Register and searching for your prospective broker’s name or firm reference number. Takes about 30 seconds, and it could save you from ending up with someone who learned everything they know from YouTube tutorials.

Avoid social media and Tik-Tok “Finfluencers” who may not be qualified, especially when they say they have the answer to all your issues or are “telling you secrets your lender of broker doesn’t want you to know”. It’s usually nonsense and in some cases even barely legal, or downright fraud.

Having the basic qualifications is just the starting point, and what you really want is experience, particularly with London property. The capital’s housing market is a different beast entirely from, say, buying a cottage in the Cotswolds.

London prices, leasehold complications, shared ownership schemes, offset mortgages, joint borrower, sole proprietor cases, new-build developments with all their quirks, all require specific expertise. At Coreco, we’ve been dealing with London property for years. We know which lenders love ex-local authority flats, which ones run a mile from anything with a short lease, and which ones actually understand that £600,000 for a one-bed in Zones 2-3 isn’t completely mad.

3. Understand How They Get Paid

This is where things get interesting, and where a lot of people get caught out by clever marketing. You’ll see plenty of brokers advertising “fee-free” services, and while that might sound brilliant, it’s worth understanding what it actually means.

Most mortgage brokers earn their living through commission paid by lenders. This isn’t necessarily a bad thing, it means you don’t have to pay upfront fees, and the broker still has an incentive to get your mortgage approved. But it can create some incentives if your broker is more interested in the commission than finding you the best deal.

Then you’ve got brokers who charge fees directly. This might be a flat fee (typically £500-£2,000), an hourly rate, or a percentage of the loan amount. Again, not necessarily bad, but you want to make sure you’re getting value for money.

The key is transparency. A good broker will be completely upfront about how they’re paid, what commission they receive from different lenders, and what (if any) fees they charge. They should also be able to explain why their recommended product is the best option for you, not just the most profitable for them.

They also have to justify under Consumer Duty that their fees off good value. So, if you are being charged £2,000 for a £50,000 standard mortgage, you need to ask some serious questions.

At Coreco, we’re completely transparent about our fee structure. Sometimes we charge a fee, sometimes we don’t, depending on the complexity of your case and the products available. What we don’t do is push particular lenders just because they pay better commission. Our reputation depends on getting you the right deal, not the most profitable one.

4. Do Your Homework on Their Reputation (Google Reviews Don’t Tell the Whole Story)

Reputation is everything, and obviously, you want to work with someone who’s got a good track record, but how do you actually figure that out?

Google reviews are a starting point, sure, but happy customers don’t always leave reviews, unhappy ones definitely do, and some firms are better at gaming the system than others. What you really want is proper referrals, ideally from people you trust who’ve actually used the broker recently.

Ask your solicitor, your estate agent, or friends who’ve bought property recently. But remember, what worked for them might not work for you. Someone who’s brilliant at straightforward purchases might be hopeless with complex cases, and vice versa.

Look for brokers who specialise in your type of situation. If you’re a first-time buyer, find someone who really understands the schemes available and knows which lenders are genuinely helpful rather than just ticking boxes. If you’re self-employed, you need someone who knows the specialist lenders inside out. If you’re buying a weird property or have complicated finances, you need someone with experience in complex cases.

This is actually one of our strengths at Coreco. We’ve built our reputation on taking on the cases other brokers can’t or won’t handle. Foreign nationals, complex income structures, unusual properties, tight timescales, as well as the standard mortgage scenario, we’ve seen it all, and more importantly, we’ve solved it all.

5. Test Their Knowledge and Service Levels (Because You’re Not Just Another Number)

Here’s the final test, and it’s a big one. How does your prospective broker actually treat you? Are you just another deal walking through the door, or do they genuinely care about getting you sorted?

Good brokers will ask loads of questions about your situation, your plans, your concerns. They’ll explain things properly without drowning you in jargon. They’ll be realistic about timescales and potential challenges. And crucially, they’ll have proper systems in place to keep you updated throughout the process.

Ask about their lender relationships. How many lenders do they regularly work with? Do they have direct contacts with underwriters? Can they escalate complex cases when needed? The best brokers don’t just have access to lots of lenders; they have genuine relationships that can make the difference when things get complicated.

Also ask about ongoing support. What happens after your mortgage completes? Will they help with remortgaging in a few years’ time? Do they offer insurance advice? Will they keep an eye on rates and let you know if better deals become available?

At Coreco, we’re genuinely relationship-focused rather than transaction-focused, in fact we are customer obsessed. Yes, we want to get your current mortgage sorted, but we’re also thinking about your long-term financial strategy. That might mean setting up systems to review your mortgage regularly, helping with insurance to make sure should anything untoward happen you keep living in your home, or just being on the end of the phone when you’ve got questions about your next move whenever suits you.

Dealing with an online “broker” may seem fun and quick, But I would ask genuine questions if you are not actually talking to a human being. Self-selecting a product without a discussion on term, fees, penalties, other options available that may be better and your life goals is not advice, and it could prove to be an expensive mistake.

Summary

Choosing a mortgage broker shouldn’t be complicated, but it is important. The right broker can save you thousands of pounds, get you approved when others can’t, and make the whole process significantly less stressful. The wrong broker can cost you money, waste your time, and potentially scupper your purchase altogether.

Take your time, ask the right questions, and don’t be afraid to interview a few different brokers before making your decision. This is probably the biggest financial transaction of your life and it’s worth getting right.

And if you’re looking for a broker who genuinely knows London property inside out, has access to over 11,000 products from over 90 different lenders, and who’ll treat your case with the attention it deserves, and will inject fun, personality as well as undoubted knowledge and professionalism into the process, treat you as a human being, and build a lifetime relationship, well… you know where to find us.