When it comes to securing a mortgage, one of the first decisions you’ll face is whether to go directly to a bank or work with a mortgage advisor (also known as a mortgage broker). Both options have their pros and cons — and the better choice depends on your personal circumstances, financial goals, and how much time and effort you want to invest in the process. In this guide, we’ll break down the key differences to help you make an informed decision.
Whether you’re a first-time buyer, moving home, or refinancing, knowing who to trust is crucial. That’s why local firms like Teesside Money are becoming an increasingly popular choice for mortgage seekers in the UK.
What Is a Mortgage Advisor?
A mortgage advisor is an independent expert who works on your behalf to find the best mortgage deal from a wide range of lenders. Unlike banks, which can only offer their own products, a mortgage advisor has access to the whole market, including specialist lenders and deals that may not be available to the general public.
Their services typically include:
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Assessing your financial situation
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Comparing mortgage products
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Handling paperwork and applications
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Offering advice on protection products (like life insurance)
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Liaising with solicitors and lenders throughout the process
What Does a Bank Offer?
When you approach a bank directly, you’ll be dealing with one lender and their in-house mortgage products. This can be a good option if:
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You already bank with them and want a familiar relationship
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They’re offering an exclusive deal for existing customers
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You’re seeking a straightforward mortgage and have excellent credit
However, going direct means you won’t be able to compare options across the wider market — potentially missing out on better rates or more flexible terms.
Pros and Cons at a Glance
Option
Pros
Cons
Mortgage Advisor (e.g. Teesside Money)
Access to multiple lenders
Tailored advice
Time-saving service
Whole-of-market options
May charge a fee (though many brokers offer fee-free service)
Bank
Simplicity
Possible perks for existing customers
No intermediary
Limited choice
Not always the best rates
More legwork required
Who Should Choose a Mortgage Advisor?
A mortgage advisor is ideal if you:
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Want access to the best deals on the market
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Have a complex financial situation (self-employed, adverse credit, unique property types)
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Are unsure which mortgage product is right for you
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Want help managing the process from start to finish
Who Might Prefer a Bank?
You may choose to go direct to a bank if you:
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Already have a long-standing relationship with your bank
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Qualify for a loyalty discount or exclusive deal
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Are comfortable comparing mortgage rates yourself
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Have a straightforward application (high income, good credit, standard property)
The Verdict: Which Is Better?
There is no one-size-fits-all answer — it depends on your individual needs. However, for most borrowers, using an experienced mortgage advisor can offer more choice, expert guidance, and save significant time and stress.
By shopping the market on your behalf, a mortgage advisor can often secure better rates than you might find on your own. Plus, their advice can help you navigate complex situations and avoid costly mistakes.
Final Thoughts
If you’re about to start your mortgage journey, consider speaking to a reputable local advisor before committing to a lender. Their insight and market access could make all the difference, not just in securing the right mortgage today, but in protecting your financial future.