In 2025, competition in the mortgage market is fierce, with lenders launching and withdrawing products at record pace. Borrowers could be forgiven for thinking that every broker has equal access to these products, but the reality is very different. Some brokers truly are independent, with access across the market, while others are restricted—tied to panels of lenders that limit what they can offer.
The distinction sounds subtle, yet it often decides whether you secure a competitive rate or are left with an expensive compromise. In our piece on Why Your Mortgage Broker Might Be Costing You Thousands, we highlighted how poor advice can create lasting financial damage. Here, we look specifically at why the broker’s model—whole-of-market or tied—matters so much for your outcome.
After the 2008 financial crisis, regulation tightened, and lenders became more cautious. The Mortgage Market Review (MMR) in 2014 formalised affordability assessments and made mortgage advice more regulated. Many brokers began operating through networks, and networks often negotiated exclusive panels of lenders. While this improved oversight, it also meant many borrowers unknowingly limited their options.
By 2025, two distinct camps have emerged. On one side, truly independent whole-of-market brokers who maintain relationships across dozens of lenders, including private banks and specialist firms. On the other, tied or “restricted panel” brokers, who work only with the lenders pre-approved by their network. For borrowers, the difference can be invisible until a problem arises—by which time it may be too late.
A whole-of-market broker has the freedom to explore almost every lender active in the UK, from high street banks to regional building societies and private banks. That breadth is crucial because many of today’s borrowers don’t fit the standard model.
Consider the following:
In each case, a whole-of-market broker can select the lender best suited to the scenario, rather than forcing the borrower into a single mould.
By contrast, a tied broker operates with a fixed set of lenders. To a client, the process looks identical: the broker gathers documents, checks affordability, and presents a shortlist of products. But that shortlist may only come from 6–12 lenders out of hundreds active in the UK market.
Take the case of an expat. A tied broker with no expat-friendly lenders on their panel will simply tell the client that a UK mortgage is not possible. In reality, expat mortgages are achievable, as shown in our UK Mortgages for Expats and Overseas Buyers – 2025 Ultimate Guide, but they require access to lenders that understand currency risk and overseas employment contracts.
The risk of being steered toward what is available—rather than what is best—is the defining problem with tied advice.
First-Time Buyer
A young professional couple approaches a tied broker with a 10% deposit. Their panel only includes two high street lenders willing to lend at 90% loan-to-value, both with strict affordability rules. The application is declined. A whole-of-market broker, however, identifies a regional building society offering a slightly higher income multiple, securing the couple their first home.
Landlord Expanding a Portfolio
A landlord with 12 buy-to-let properties seeks refinancing. A tied broker’s panel doesn’t include portfolio-friendly lenders, so the landlord is advised to sell assets. A whole-of-market broker instead approaches a specialist buy-to-let lender and secures refinancing based on rental stress tests across the portfolio, allowing the landlord to expand further.
Expat Returning to the UK
An expat earns in US dollars but plans to buy in London. The tied broker cannot offer anything outside of sterling income. A whole-of-market broker engages with a private bank comfortable with foreign currency, securing terms that would have been dismissed elsewhere.
High-Net-Worth Borrower
A business owner has significant assets but low declared income. A tied broker only offers mainstream affordability calculators. A whole-of-market broker approaches a private bank, which structures a loan against liquid assets and investments. The deal is secured at competitive rates.
Whole-of-market brokers don’t just have more names on their list—they often have deeper relationships with lenders. This can mean:
At Willow, our long-standing relationships with private banks and niche lenders mean we can often negotiate terms beyond the published criteria. This is especially relevant for clients requiring large loans or complex structures. A tied broker, no matter how well-meaning, simply doesn’t have those levers to pull.
The 2025 mortgage environment is defined by volatility. Lenders continue to withdraw products overnight, interest rates fluctuate in response to economic data, and regulators are watching brokers closely.
In this environment, agility is everything. Whole-of-market brokers can pivot quickly, identify alternative lenders when a deal collapses, and secure products in specialist areas like Green Mortgages and Energy Efficient Properties. Tied brokers, on the other hand, are limited to waiting for their panel lenders to adapt—often leaving clients stranded.
Looking ahead, we also expect consolidation among networks and increased use of AI in underwriting. This will reward brokers who can interpret criteria flexibly and who are not constrained by panel agreements.
The FCA requires brokers to disclose whether they are tied or whole-of-market, but in practice, many clients still struggle to understand the difference. Phrases like “we work with a wide range of lenders” can be misleading if the panel is still restricted. Borrowers should feel confident asking: Are you whole-of-market? Which lenders can you approach?
If the answer feels vague, it’s a sign to reconsider.
At Willow Private Finance, we have been whole-of-market since our founding in 2008. We are not tied to any lender panel, and we’re free to recommend what truly fits your circumstances—whether that’s a high street mortgage, a specialist buy-to-let product, or a bespoke private bank loan.
We’ve built relationships across the market, giving us access to lenders that many tied brokers cannot approach. Whether you’re a first-time buyer, landlord, expat, or high-net-worth client, we ensure you don’t just get a mortgage—you get the right mortgage.
Book a free strategy call with one of our mortgage specialists.
We’ll help you find the smartest way forward—whatever rates do next.
About the Author – Wesley Ranger
Director & Founder, Willow Private Finance
Wesley Ranger founded Willow Private Finance in 2008 and has since grown it into a leading independent, whole-of-market brokerage. With deep expertise in complex and high-value lending, Wesley and his team specialise in helping clients secure solutions where others cannot—whether for prime London property, international buyers, or high-net-worth borrowers requiring bespoke finance.
Important Notice
The information in this article is provided for guidance only and does not constitute financial advice. Mortgage availability and criteria are subject to change. Always seek personalised advice before committing to any financial product. Willow Private Finance Ltd is authorised and regulated by the Financial Conduct Authority (FCA No. 588422).
