How to Choose a Mortgage Broker: 8 Questions to Ask Before You Commit

1. Are You Independent or Tied to Specific Lenders?

An independent (whole of market) broker can search products across every lender in the market. A tied or multi-tied broker is limited to a panel of lenders they have agreements with.

Always ask: 'How many lenders do you have access to?' A whole-of-market broker with access to 50+ lenders gives you significantly better coverage than one tied to 3-5 banks. In Ireland, all mortgage brokers must be authorised by the Central Bank and state their market scope clearly.

2. How Do You Charge Your Fees?

Mortgage brokers earn money in two ways: fees from you directly, or commission from the lender whose product you take. Many brokers charge nothing to buyers — the lender pays them a procuration fee.

Always clarify: 'Do you charge a fee, and if so, what is it?' Fee-free brokers are common and are not necessarily inferior. However, understand that commission structures can influence which products get recommended. A reputable broker will disclose their remuneration clearly.

3. How Many Mortgage Products Can You Access?

The value of a broker lies in their market coverage. Ask specifically: 'How many mortgage products do you compare?' and 'Do you have access to exclusive rates not available directly from lenders?'

Many brokers negotiate exclusive rates with lenders that are lower than anything available on the high street or direct from the bank. A broker with strong lender relationships can often beat the best rate you would find yourself.

4. What Is Your Approval Rate?

An experienced broker will know which lenders are likely to approve your specific circumstances before submitting an application. Multiple declined applications can harm your credit score.

Ask: 'For someone in my situation (income, deposit size, employment type), which lenders are most likely to approve me?' A good broker should be able to answer this confidently from experience.

5. Are You Authorised and Regulated?

In Ireland, mortgage brokers must be authorised by the Central Bank of Ireland and registered on the Central Bank Register. In the UK, they must be authorised by the Financial Conduct Authority (FCA). Always verify this before sharing any personal financial information.

Check the Central Bank Register (Ireland) or FCA Register (UK) directly — do not rely solely on the broker's own claims.

6-8. Three More Essential Questions

Question 6 — How long does your process take? The best brokers submit a complete application within 5-7 days of receiving your documents. Slow turnaround can cost you a property in a competitive market.

Question 7 — Do you handle the full application, or just recommend? Some brokers recommend a product and hand you over to the lender. Better ones manage the entire application, chase the lender, and update you proactively. Clarify what level of service you will receive.

Question 8 — What happens if my circumstances change? Self-employed income, a new job, or a recent promotion can all affect approval. Ask how they handle changes to your situation mid-application, and whether they have experience with your specific income type.