Bank or Broker?

a person completing a mortgage application
Published on 15 May 2023

When we all use a bank for our everyday finance requirements, you may ask yourself why use a mortgage broker over your bank’s own mortgage service? Taking a mortgage with your bank might seem like the easiest and simplest option. Let’s take a look at some of the benefits of using a mortgage broker over your bank.

Opening times and ease of access

With more and more banks closing their high street branches – it’s estimated that more than 5,000 branches have closed since 2015 – with further closures planned for this year. The average wait time for an appointment to see a bank-based mortgage adviser is now 3 weeks. Here at 177 Mortgages, we are open 7 days a week, so you can rest assured that there is always someone on hand to take your call, answer queries and provide advice.

No longer using a high street bank?

If you’re one of the many people that have moved away from the traditional high street banks then your current account provider may not offer a mortgage service. With such a wide range of current account providers, credit card providers and loan companies many people have moved away from the traditional “all eggs in the same basket” approach to their finances. Perhaps you multi-bank or are using different accounts for different purposes. With products in different places, one of your existing financial providers may only have a small view of your financial situation. Working with a broker will allow them to build a complete picture of your personal finances that they can share with a range of lenders.

Recommendations from your bank compared to a broker

Mortgage brokers and banks can provide you with advice and recommendations about your mortgage and financial protection need. A bank can only recommend the limited number of off-the-shelf products that the high street lenders have at their disposal. A mortgage broker can provide you with bespoke product recommendations from a wide range of lenders and insurance providers that are based on your personal circumstances.

Range of products

177 Mortgages are one of a small, select group of brokers that have access to the whole of the mortgage market. This gives you a much wider range of products to choose from. Your bank may be able to offer you three or four options to choose from. However, we can search thousands of products and do all the research and comparisons to ensure that the options we present to you are suitable for your needs. In addition, we also have access to many specialist products – maybe even from your own bank – that are not available to the public or through the Internet.

Type of property

Most high-street lenders have strict criteria when it comes to the type of property that they will lend. They are usually only interested in the standard “bricks and mortar” houses that they are confident will retain their value. So, if you’re looking to buy something a little different – for example, a listed building, something that is of non-standard construction or even a brand-new home, then it’s much better to use a mortgage broker. At 177 Mortgages we have access to many lenders that will lend on a range of property types and those that help people to build their own home.

Your personal circumstances

There are several personal and financial factors that can impact your chances of being accepted by your bank. Most high street lenders have rigid rules around income and affordability, poor credit history, complex employment history, or being older. If you are impacted by any of these things, then using a broker will help. If you’re unsure if you’ll be accepted for a mortgage with your bank, then a broker can give you advice on your chances with other lenders. They are likely to have seen and helped many people in similar situations to yours! They can also steer you away from the lenders that are likely to reject your mortgage application based on your existing financial and personal circumstances.

Your need to be in control

How much control do you want over your own mortgage application and what level of assistance do you need? If you’re an old hand at mortgage applications and an experienced buyer of property it’s likely that you want to be in full control and don’t need any help. Your bank will submit your application and leave the running around to you. Here at 177 Mortgages, we take care of a lot of the negotiations between parties (solicitors, vendors, developers, the lender) for you. You will be assigned a personal case manager who will be on hand to support you through the whole process. This can be extremely useful if you’re a first-time buyer or if you lead a busy life and want just one point of contact for the entire process.


Unlike many of our competitors, 177 Mortgages are completely fee free for the lifetime of your relationship with us. So even if you want to give your bank a try, why not let us take a look too? What have you got to lose? Get in touch with us today to find a mortgage or request a call back at a time that suits you!

177 Mortgages and 177 Protect are open 7 days a week. We’re always happy to talk through your mortgage, specialist finance and protection needs in more detail. If you’d like to book an appointment or simply find out more information, please get in touch.

Request a Callback

Preferred date:
Preferred time:

Sign up to our newsletter

Sign up to our email newsletter to get the latest on 177 News, Advice, Mortgages, Protection and other services we provide.