Mortgage brokers explained
Last checked 28 September 2026
The equity loan covers 20% of the price, but you'll still need a mortgage for the rest. Many first-time buyers use a mortgage broker, also called a mortgage adviser, to find one. This page explains what they do. We are not a broker, we don't recommend particular firms, and we don't pass on your details.
Independent guide. We are not the government, Homes England, a housebuilder or a lender, and this is not an official site for the scheme. Everything here is general information to help you understand it, not financial advice. The scheme's rules are due at the Budget on 28 October 2026.
What a mortgage broker does
According to MoneyHelper, the government-backed money guidance service, a mortgage adviser searches the market for you and recommends a deal. They can offer mortgages from lots of lenders, often know which lender's criteria you're likely to meet, check your finances against lenders' affordability rules, deal with the lender for you and help with the paperwork (MoneyHelper).
Whole-of-market or restricted
Some brokers are "whole of market": they can offer mortgages from across the market. Others are restricted to a panel of lenders or a single lender. MoneyHelper points out that whole-of-market brokers can offer a wider range of products (MoneyHelper).
Questions people ask a broker
- Are you whole of market, or do you work with a panel of lenders?
- How are you paid, and will you charge me a fee? When is it due?
- Which lenders are offering mortgages alongside the Your First Home equity loan?
- What could I borrow on my income, and what would the monthly payments be?
- What happens to the mortgage and the equity loan if I want to remortgage or move?
Check they're authorised
Firms that give mortgage advice must be authorised by the Financial Conduct Authority. You can look any firm up on the FCA register to check it's authorised and to see its registered name and contact details.
Timing
Lenders for the scheme haven't been announced (HomeOwners Alliance), so brokers can't yet arrange a Your First Home mortgage. They can still look at what you could borrow in general and help you prepare for when the scheme opens.
We don't earn anything from brokers at the moment. If that changes, we'll say so on this page and on our how we make money page, and any links will be clearly marked.