Since the new mortgage rules (MMR) came in earlier this year this question has been asked more and more. I’ve tried to highlight some key points of both using and not using a mortgage broker below.

Not using a mortgage broker:

The new rules mean mortgage lenders have to assess you for affordability and provide advice. The advice part means they will want to talk to you rather than just show you a load of rates and say “you choose?” The getting to know you part often means a face to face meeting or at least a telephone interview and both can last over 2 hours. Now if you want to shop around and go to different mortgage lenders this could mean a lot of meetings and a lot of your time!

Prior to the new mortgage rules I would say an average customer shopping around would look at about 10 different high street lenders or maybe a few more on internet comparison sites. All of this would take about 30 - 60 minutes. Nowadays to do the same could take a whole weekend at least.

Using a mortgage broker:

One meeting face to face or over the telephone taking approx. 1 hour

The mortgage broker (preferably someone from Echo Finance) does all the research from the whole market and comes back with their advice.


It is of course up to you if you use a mortgage broker or not, but in my opinion there is nothing to lose. At Echo Finance we offer a free initial consultation. There is no fee, no catch and no obligation on your part. We will even drive to see you at a time you choose (yes, evening appointments are very common as a mortgage broker).

Whichever route you choose, we wish you luck and hope you find a great deal!