What's a mortgage broker?

Buying a home is a big step, and finding the right mortgage can feel overwhelming. That’s where a mortgage broker comes in. A mortgage broker is an authorised and regulated professional who acts as a middle-person between you and potential lenders.

They take the hassle away by searching, comparing and applying for a mortgage on your behalf, so you don’t have to spend hours looking at different lenders. They check your eligibility, bring the best options directly to you, and handle the paperwork. 

And it’s not just admin. A good mortgage broker will also listen to your worries, answer your questions and steady your nerves. Whether you’re salaried or self-employed, they can pinpoint which lenders are most likely to give you the green light. 

How does a mortgage broker work?

They start by getting a clear picture of your finances – things like your income, your deposit and your credit score. Once they have all the details, they search the market to find a mortgage that fits your situation. 

Brokers compare thousands of mortgage products and handle the application for you. And they can often get access to exclusive deals you won’t be able to find yourself. They usually work on commission from lenders, which means their service doesn't cost you extra.

What’s the difference between a broker and a lender?

Brokers and lenders play different roles.

Brokers are qualified professionals who search across multiple lenders to find the right mortgage for you, offering expert advice on which deals actually fit your needs.

Lenders are the banks or building societies that provide the actual mortgage money. 

Think of a lender as a single shop selling its own products, while a broker is like a personal shopper who visits all the shops to find the best item for you. Using a broker gives you choice across the whole market rather than just one lender’s products.

The pros of using a mortgage broker

• Better rates: brokers can often access deals you won’t be able to find online yourself. That said, it’s always worth checking with your own bank too – sometimes they save their best rates for existing customers or people who come to them directly.

• Saves you time: brokers search thousands of deals for you, saving you from hours of online research.

• Expert guidance: they guide you through the complex mortgage process, helping you fill out paperwork and explaining complicated legal jargon.

• Specialist support: they can help if you’re in a unique or tricky situation, like if you’re self-employed or have a low credit score.

All that said, you can also go it alone! If your finances are straightforward, going directly to a lender can be just as rewarding. 

When to use a mortgage broker

Using a broker makes the most sense in these scenarios:

• You’re a first-time buyer who needs guidance

• You want to save time

• You’re looking for the best deal across the market

• You’re in a complex financial situation

• You’re self-employed

• Your credit history is a bit complicated

Getting started with a broker 

Ready to speak to a broker? Here’s what you’ll need to prepare: 

• Financial documents (bank statements, payslips)

• Employment details

• If you’re buying your first home or moving home, information about your deposit, including if a relative is giving you the money, known as a ‘gifted deposit’ 

• If you’re remortgaging, details about your current mortgage 

How Habito’s brokers can help you

We’ve acquired Habito and we’re on a mission to make your journey to homeownership more straightforward.

If you’re thinking about remortgaging, you don’t have to navigate the fine print alone. Habito’s dedicated brokers will handle the heavy lifting for you – managing your entire application from start to finish.

Habito’s advice is 100% fee-free. If you go ahead, the lender will pay a fee to both Habito and us. So you can get professional guidance without adding another cost to your plate.

Connect your mortgage to Monzo

If you’re looking to keep track of your mortgage more easily, you can see your mortgage details directly within the Monzo app.

While Habito can help people find deals, you can link a mortgage from any lender to Monzo to get a clearer picture of your position. It’s a free tool that gives you a live look at your estimated home value, how much equity you’ve built up, and your current loan to value (LTV) band.

There are also built-in calculators in our app to help you plan ahead – whether you want to see how overpaying could shorten your term, or estimate what your interest rate might look like when it’s time to remortgage. It takes about a minute to set up, and you usually don’t need to dig out any paperwork to get started.

Connect your mortgage

You need a Monzo current account to connect your mortgage in the Monzo app. UK residents, 18+ only. Subject to eligibility. Ts&Cs apply.

Monzo will introduce you to Habito, part of the Monzo group, who will provide you with mortgage advice. They’re a broker so they’ll help you find and arrange the right mortgage, rather than lending you money. If you go ahead, the lender will pay a fee to both Habito and us.

Your home may be repossessed if you do not keep up repayments on your mortgage.  

Our address is Monzo Bank, Broadwalk House, 5 Appold St, London EC2A 2AG.

Questions? Answers.

Is Monzo a mortgage broker?

No, we’re a regulated bank but you can get fee-free mortgage advice through Habito, who we’ve acquired.

Can I use a broker for remortgaging?

Absolutely! Brokers can help you find your best remortgage deals.

What documents do I need?

You’ll typically need proof of ID, bank statements, payslips and proof of deposit if you’re buying a home.

Does Monzo offer mortgages?

We don’t offer our own mortgages, but Habito’s brokers can help you find and apply for them. You can also see your mortgage details directly in the Monzo app. You can see your estimated home value, how much equity you’ve built up, and your current loan to value (LTV) band.