When you’re looking for a mortgage, whether it’s your first home, a remortgage, or a buy-to-let investment, you’ll likely consider one of two main routes. Going directly to a high street bank or working with a specialist mortgage broker.
The process of borrowing for buying a house involves important decisions about which route to take. While high street banks offer familiarity and convenience, specialist mortgage brokers often provide tailored advice to suit your specific mortgage needs, access to a wider range of products, and solutions for more complex situations.
In this guide, we’ll break down the key differences, outline the strengths of specialist brokers, and explain what happens if your bank declines your application.
High Street Banks: The Traditional Route
High street banks are the first port of call for many borrowers. They’re accessible, well-known, and often your current account provider. The process with a bank typically looks like this:
The Bank Mortgage Process:
1. Initial Appointment: You book an appointment with a mortgage adviser at the bank.
2. Eligibility Checks: The bank assesses your income, credit history, and outgoings using its internal lending criteria.
3. Product Offering: You’re shown only the mortgage products that bank offers.
4. Decision in Principle: If eligible, you’ll receive a decision in principle (DIP).
5. Full Application: If your DIP is approved, you proceed to a full application.
6. Underwriting and Valuation: The bank reviews your documents and instructs a valuation.
7. Final Decision: A mortgage offer is issued if all checks pass, outlining the required repayments and terms.
Limitations of High Street Banks:
Limited Choice: Banks only offer their own products. If you don’t fit their criteria, there are no alternatives. This limited selection can increase the overall cost for borrowers who may miss out on more suitable or affordable mortgage options.
Strict Credit Criteria: Missed payments, defaults, or other adverse credit may result in an automatic decline.
Complex Cases Not Catered For: Self-employed borrowers, those with multiple income sources, or those buying non-standard properties may be turned away.
No Negotiation: There’s no flexibility or personalised underwriting.
Specialist Mortgage Brokers: The Bespoke Approach
Specialist independent mortgage brokers work with a wide network of lenders, including high street names, specialist lenders, and niche providers. Their experienced team of experts is particularly valuable for people who don’t fit the ‘vanilla’ profile banks prefer, offering a personal approach to finding the right mortgage solution.
Specialist Brokers Can Help In:
Bad Credit Mortgages
CCJs, defaults, IVAs, Debt Management Plans, missed payments, credit issues
Self-Employed Mortgages
Sole traders, limited company directors, contractors with complex income
Low Deposit / High LTV Mortgages
Buy to Let and Portfolio Landlords
Including limited company BTL and HMO properties
Debt Consolidation Remortgages
Non-Standard Property Types
Flats above commercial units, timber-frame homes, ex-local authority properties
Bridging and Development Finance
Foreign Income or Expat Mortgages
Unusual Employment Situations
Zero-hours contracts, agency workers, probation periods
Joint Borrower, Sole Proprietor Mortgages
Help to Buy, Shared Ownership, Right to Buy
Later Life Lending and Retirement Interest-Only Mortgages
The Specialist Broker Process:
1. Fact-Find & Assessment: A broker gathers full details of your income, credit history, and goals.
2. Whole-of-Market Search: They search across dozens (sometimes hundreds) of lenders to find the right deal.
3. Pre-Underwriting: Brokers often speak directly to underwriters to assess complex cases before submitting.
4. Tailored Advice: Mortgage advisors provide recommendations tailored to the client’s specific needs and circumstances.
5. Application & Support: The broker manages the full application, documents, and communication with the lender, ensuring their interests are aligned with your long-term financial goals.
6. Problem Solving: If challenges arise, they fight your corner with supporting evidence and alternative solutions.
What Happens If a Bank Declines You?
If your application is declined by a bank, you may be left feeling stuck but that doesn’t mean all hope is lost.
Common Reasons for Declines:
Low credit score or adverse credit
Unusual income structure (e.g. dividends or contract income)
Too many financial commitments (e.g. loans, credit cards)
Non-standard property
Affordability shortfall
Why You Should Speak to a Broker After a Decline:
1. They Can Identify the Real Issue: A broker can assess your full credit file and identify what caused the problem.
2. They Know Which Lenders Are Flexible: Some lenders manually assess cases and are open to understanding your story.
3. They May Recommend a Tiered Strategy: You may not qualify today, but a broker can help you build a plan to get mortgage-ready within months.
4. They Protect Your Credit File: Repeated applications can damage your credit score — brokers know how to avoid unnecessary footprints.
The Benefits of Using a Whole-of-Market Broker
A whole-of-market broker is not tied to any one lender and can advise on the full spectrum of mortgage products available. These brokers have access to a wide range of mortgage lenders, including specialist mortgage lenders who offer tailored solutions for clients with complex financial situations or unique property types.
Key Benefits:
Unbiased Advice: Recommendations are based on what suits you, not what suits the lender, and include access to competitive interest rate options.
Wider Product Access: Many lenders (especially specialist ones) only accept applications via brokers.
Greater Chance of Approval: Especially if your situation is outside of the norm.
Negotiation Power: Brokers can sometimes access exclusive rates or broker-only deals, helping you secure better mortgage rates and the best rate for your circumstances.
Speed & Convenience: Brokers handle paperwork, chasing, and communication saving you time and stress.
No Extra Fees: In many cases, you may not have to pay extra fees for broker services, as some brokers are paid by the lender.
Long-Term Planning: A broker can look at your future needs, such as remortgaging, and structure your deal accordingly to help you save money over the life of your mortgage.
Buy to Let Mortgage Options: Investing Beyond Your Home
Investing in buy-to-let properties can be a smart way to build wealth and generate additional income, but finding the right mortgage solution is often more complex than securing a standard residential loan.
The buy-to-let mortgage market is filled with unique challenges, especially for those with complex financial situations, a bad credit score, or self-employed income. This is where a specialist mortgage broker can make all the difference.
Specialist mortgage brokers have access to a wide network of specialist lenders who understand the nuances of buy-to-let investments. These lenders provide a variety of mortgage options, including high value mortgages for larger portfolios, commercial mortgages for mixed-use or non-standard properties. These deals are tailored for properties in unique locations or with unusual features.
Unlike traditional building societies or high street banks, specialist lenders use different criteria to assess your application, taking a holistic view of your financial circumstances, credit history, and property portfolio.
For self-employed investors or those with a less-than-perfect credit rating, securing a buy-to-let mortgage through mainstream lenders can be challenging. Specialist mortgage brokers, however, have a proven track record of helping clients with bad credit or irregular income find the right lender and the most competitive rates. They can access exclusive deals and flexible terms that are not available to the general public, ensuring you get the best deal for your individual circumstances.
Throughout the entire process, a specialist mortgage broker will manage your mortgage application from start to finish, providing expert mortgage advice and support every step of the way.
They will help you navigate the complex mortgage market, explain your mortgage options, and negotiate with lenders on your behalf to secure the most competitive rates and flexible repayment terms. Their excellent service ensures that even the most complex cases are handled efficiently and professionally.
In addition to helping you secure a new buy-to-let mortgage, a specialist broker can also advise on releasing equity from your existing properties, giving you access to funds for further investment or other financial goals. With their in-depth knowledge of the specialist mortgage market and access to a wide range of lenders, brokers can help you maximise your returns and achieve your investment objectives.
Whether you are a seasoned landlord expanding your portfolio or a first-time investor stepping onto the property ladder, working with a specialist mortgage broker gives you access to the best mortgage options, exclusive deals, and expert guidance tailored to your unique financial circumstances.
With their support, you can confidently navigate the buy-to-let mortgage market and secure the right mortgage for your investment needs.
Conclusion: Broker or Bank?
If you have a simple income and a squeaky-clean credit file, a high street bank might meet your needs. If your situation is anything less than straightforward or you simply want the best deal available across the whole market. The chance to secure a better deal a specialist mortgage broker offers a smarter, more personalised route.
Get help from an experienced mortgage broker.
You can speak to one of our specialist mortgage brokers who would be able to guide you through the process. They will advise if there is a lender available and the maximum loan amount based on your circumstances. We are a whole of market mortgage brokerage with access to all lenders, including private banks. Call us on 01332 470400 or complete the form with your details for us to give you a call back.
