First of all, good work looking for a remortgage broker!
(Skip to the end if you want to see who tops the list)
We’ve found not using a mortgage broker as the main reason why people are on the wrong mortgage, and costing them money by paying too much on their mortgage.
In order to be on the best mortgage deal, you need to be able to search the whole market for the best deal to suit your personal circumstances. You simply cannot do this yourself, you need the help of a broker and their technology.
And secondly, good work for looking to remortgage! 1 in 3 people in the UK are not aware they could save up to £4,000 per year on average by remortgaging. That’s an incredible amount of money to save for something so easily done.
Moving on to who is the best remortgage broker. (If you want to skip straight to the results, we’ve got a page dedicated to the best mortgage brokers – with our own Nuts About Money rating.)
Our rating criteria
We’ve put together a rating system for mortgage brokers to make it easier for you to decide on which mortgage broker to work with, and quite frankly, for us to find out who is actually the best!
Our criteria for rating remortgage brokers are:
- The fee they charge
- FCA regulated
- Search the whole market
- Trustpilot rating (Trustscore)
The fee they charge
Mortgage brokers get paid by the bank or lender in the form on commission when they get you a mortgage. This is on average £700.
We think that’s plenty for a straightforward remortgage, which is one of the quicker and easier mortgages to arrange.
However, if you favour a more personal touch, an independent advisor who prides themselves on service can be a good option too. You'll just be paying them a fee, normally round £500.
One of the game changers in the mortgage broker industry recently. Why waste your time taking a day off work to wait for a broker to come round and speak to you, or wait on hold over the phone for hours, when you can do it all online on a nice fancy website.
You can progress at your own speed, and whenever you have free time.
Not only that, it’s actually quicker for you, and more accurate to type your details into a computer than to write it by hand in-person or say everything over the phone!
Better yet, you can chat away to a mortgage advisor on a live-chat feature, come back whenever you like, or continue over email if you like. No set appointments, it’s all built around you.
The Financial Conduct Authority, is the regulator for the financial services industry. It’s an organisation set up to protect you as the customer.
They make sure every customer is treated fairly and given the right advice, along with promoting competition within the industry, meaning cheaper fees for you too.
And more than that, they provide the resources and procedures to complain and claim compensation should something go wrong – very important.
Never use a mortgage broker who is not authorised by the FCA.
Search the whole market
This is the most important factor in selecting a remortgage broker.
You cannot be sure you are getting the best deal if you cannot search the whole market.
Make sure your mortgage broker can. There can be anywhere from 12,000 to 20,000 mortgages available at any one time, from more than 90 lenders. This is how a mortgage broker earns their commission, they find the best one for your circumstances – it’s impossible to do yourself.
It pays to do this – it could be the difference of £100s, sometimes £1000s between different mortgages!
Trustpilot rating (Trustscore)
If you’re not familiar with Trustpilot (their website is here), it’s the biggest review platform in the world.
It’s fantastic, you can search for any company pretty much in the world and there will be verified customer reviews, with a short description and a review rating from 1 to 5 (bad to excellent).
The reviews are compiled together and using factors such as number of reviews, the time span of reviews, the recency of reviews and a bit of maths behind the scenes, gives a Trustscore (a rating) of the overall company.
It’s a great measure of the overall customer experience provided by a company. And it’s this rating that we’ve pulled through to assess mortgage brokers.
So bringing it all together to get a rating that’s easier to understand, with one simple figure.
We’ve used the broker fee, online ability, FCA regulated, searching the whole market and Trustpilot rating, along with a bit of our own maths in the background to determine the Nuts About Money rating!
The top remortgage brokers
And here we go – the top remortgage brokers based on our criteria and rating outlined above.
Prefer a local independent advisor? Here's the best.