"Independent" gets used loosely. Banks call their staff advisers, estate agents have an in house mortgage advisor, and comparison sites call themselves brokers. They are not the same thing, and the difference can cost you real money over the life of a mortgage. This is how the market is set up, how we fit into it, and the questions I would ask any mortgage adviser before handing over a payslip.
Bank adviser, tied broker, restricted panel or independent: the four types of mortgage advice
Type of adviser
Who they can recommend
Who pays them
Good for
Bank or building society adviser
Only that lender's own products
Their employer
Simple cases where you already know that lender is the right one
Tied or estate agent broker
A small group of lenders they have an arrangement with
Lender commission, often plus a fee to you
Convenience, but choice is limited
Restricted panel broker
A fixed panel, sometimes large, sometimes not
Lender commission and usually a fee
Most mainstream cases
Independent, whole of market broker
Any lender that offers mortgages through intermediaries
Lender commission only (in our case, no fee to you)
Anyone who wants the widest choice and advice with no lender bias
The word to listen for is "whole market" or "whole of market". If an adviser cannot say it, ask them how many lenders they can actually place you with. It is a fair question and a good adviser will answer it happily.
What whole of market covers
Every high street bank you can name, the building societies (including the small regional ones that are often the most flexible on unusual income), and the specialist lenders that only deal through brokers. Some lenders release exclusive mortgage deals to intermediaries that you cannot get by walking into a branch. Being independent means we can use all of it, and we are not nudged towards one lender because of a commercial tie.
Why we do not charge a fee
Lenders pay brokers a procuration fee when a mortgage completes. Plenty of brokers charge a fee to you as well, typically anywhere from around £300 to over £1,000, and some estate agents' in house advisers do the same. We decided many years ago that the lender's payment was enough. It keeps things simple, it means our advice is free to compare against anyone else's, and it means you are never paying for a recommendation that might not suit you.
What happens at the initial consultation
It is a conversation, not an interview. We go through the key details: income, outgoings, deposit, credit history, the property you have in mind and when you want to move. We will ask the following questions early because they change which lenders are realistic: how are you paid, has anything gone wrong with credit in the last six years, is anyone else going on the mortgage, and is the property anything out of the ordinary (flat above a shop, new build, ex council, non standard construction). By the end you will have a clear idea of how much you can borrow and what it will cost each month.
How we choose the lender
Rate matters, but it is not where we start. We start with lenders' criteria: who will accept your type of income, your credit history, your deposit size and the property. That gives us a shortlist of lenders likely to accept you. Then we compare the true cost over the deal period, including arrangement fees, valuation fees, cashback and early repayment charges, rather than headline rate alone. A cheap rate with a £1,499 fee is often dearer than a slightly higher rate with none. Only then do we recommend, and we put the reasons in writing.
Independent mortgage advice for every stage
The advice process is the same whatever you are doing, but the lenders and the details are not. These are the situations we deal with most, each with its own guide.
Situation
What matters most
Read more
First time buyer
Deposit size, affordability, schemes such as shared ownership and 5 percent deposit mortgages, and getting an agreement in principle before you view
Moving home
Porting your current deal or switching, timing the sale and purchase, and avoiding early repayment charges
Remortgaging
Whether to take your existing lender's product transfer or remortgage elsewhere, and whether to release equity while you are at it
Buy to let
Rental cover calculations, personal name or limited company, and growing a property portfolio without hitting lender limits
Self employed
How many years of accounts, using retained profit, and lenders who understand contractors and directors
Credit problems
Reading your full credit report first, then matching the age and type of any marks to lenders who accept them
Remortgaging: product transfer or switch?
When your fixed rate ends, your existing lender will offer you a product transfer. It is quick and there is no new underwriting, but it is not always the best deal. An independent mortgage advisor will compare that offer against the whole market and tell you straight if staying put is the right answer. Sometimes it is. When it is not, the saving over a five year fix can run into thousands. We also check the early repayment charges on your current deal so you switch at the right moment, not a month early.
What FCA regulation gives you
Mortgage advice in the UK must be given by a firm authorised and regulated by the Financial Conduct Authority. Some brokers are directly authorised, others are appointed representatives of a larger network that carries the regulatory responsibility. Either way, you can check the firm on the FCA register in two minutes, and you should. Regulation means the advice has to be suitable for you, it has to be documented, and if something goes wrong you have the Financial Ombudsman Service behind you. Our FCA number is 1011890.
Five questions to ask any mortgage advisor
Are you whole of market, and roughly how many lenders can you place me with? Do you charge a fee, and if so when is it payable and is it refundable if the mortgage does not complete? Are you regulated by the Financial Conduct Authority, and what is your FCA number? What happens if my application is declined? And finally, will you put your recommendation and the reasons for it in writing? You should get a clear, unhurried answer to all five. If you do not, keep looking.
Common questions about independent mortgage advice
What is the difference between independent and whole of market?
In practice they mean the same thing for mortgages: an adviser who can recommend from the whole market rather than a panel. Independent also implies the adviser is not owned by or tied to a lender, which is true of us.
Do independent advisers get better rates than my bank?
Often, because we can see every lender's pricing at once and we have access to broker only deals. But the bigger saving is usually avoiding a declined application or a lender that does not fit your circumstances. Your own bank may still be the right answer, and if it is we will say so.
Can I use you if I have already found a deal online?
Yes, and it is a sensible check. Send us the deal and we will tell you whether you are likely to be accepted for it, what the true cost is once fees are included, and whether anything beats it. There is no charge for that either way.
Do you advise on protection as well?
We do. Life cover, critical illness and income protection are arranged alongside the mortgage so the house is protected from day one. It is advice, not a hard sell, and you are free to say no.
How long does independent mortgage advice take?
The first conversation is usually 30 to 45 minutes. An agreement in principle can follow the same day. From full application to mortgage offer is typically two to three weeks, depending on the lender and how quickly the valuation is booked.
Do you only cover Hampshire?
No. We are based in Romsey, near Southampton, and a lot of our clients are local, but we advise people across the whole of the UK by phone and video. Distance makes no difference to the advice or the lenders we can use.
JA
Written by Jamie Alexander, CeMAP
Jamie founded Alexander Southwell Mortgage Services in Romsey, Hampshire and has 15 years in residential and buy to let lending. He still advises clients personally and reviews every page on this site. Last reviewed September 2026.
Your home may be repossessed if you do not keep up repayments on your mortgage. Alexander Southwell Mortgage Services is authorised and regulated by the Financial Conduct Authority, FCA number 1011890.
.svg)
.svg)
.webp)
