Advantages Of Using An Online Mortgage Broker To Remortgage

16th February 2017

The advantages of using an online mortgage broker to remortgage include speed, convenience, and value. Online mortgage broker Trussle checks the market for remortgage deals, makes a recommendation based on your needs, and manages the application process. There’s no jargon, no paperwork, and no broker fees.

Remortgaging is the process of moving your mortgage, usually in order to get a more competitive rate once your initial deal is over. To do this you could visit a traditional mortgage broker, use an online comparison site to compare lenders, or approach lenders directly. More recently, a fourth option has become available - using an online mortgage broker like Trussle to remortgage.

Before you decide to remortgage with an online mortgage broker, there’s a few things to consider:

Why use an online mortgage broker?

Benefits of using an online mortgage broker

Using Trussle to remortgage

Why use an online mortgage broker?

Like a traditional mortgage broker, an online mortgage broker will compare the products of many different lenders to find the right one for you based on your personal and financial circumstances. However, an online mortgage broker uses technology to make the application process a fast, convenient, and hassle-free experience.

Benefits of using an online mortgage broker

Trussle comparison chart 2

Manage your details online

The first and most obvious benefit of using an online mortgage broker to remortgage is that you can manage the whole process online. In practice, this means you can provide your details without needing to arrange a meeting or phone call with an adviser.

24/7 availability

Another clear advantage of using an online mortgage broker is that you can access everything online at any time of the day. So if you’re having a busy day, you can wait until the evening or weekend to think about your mortgage.

Qualified advisers

You’ll be able to discuss your options with a qualified mortgage adviser, just like with traditional mortgage brokers. However, because you’ll have already filled in your details online, your adviser will have more time to spend speaking about your recommendation.

Large lender selection

Thanks to powerful search technology, an online mortgage broker like Trussle can rapidly scan thousands of mortgage deals from a wide variety of lenders to find the right one for you.

No broker fees

Traditional mortgage brokers will often charge a fee averaging £500. As of February 2016, all online mortgage brokers are currently free use.

At Trussle, we don’t charge our customers a penny because we believe you shouldn’t have to pay for advice in order to own your own home. Instead, we receive a fee from the lender when your mortgage application is approved.

24 hour recommendation

While quickly searching through thousands of mortgages may remind you of a comparison website, unlike a comparison website an online mortgage broker will provide you with a personal remortgage recommendation.

In this respect, the service you get is closer to a traditional broker. You can see the details of your recommendation online, and a qualified mortgage adviser will call at your convenience to talk you through it.

Online remortgage calculator

Online mortgage brokers have tools to help you quickly decide whether you could remortgage to find a more suitable deal.

Enter a few details into Trussle’s remortgage calculator such as when your current mortgage deal began and how long it was fixed for, and it will instantly inform you whether it’s a good time to switch. Enter a few more details about your current mortgage and the calculator will show you the lowest comparable rate on the market.

Ongoing mortgage monitoring

Most online and traditional brokers will make a note in their calendar, reminding them to contact you shortly before your initial period ends. Switching at this time will prevent you from lapsing on to your lender’s higher Standard Variable Rate. However, this isn’t the same as ongoing mortgage monitoring.

At Trussle we’ve developed a proprietary algorithm that continuously monitors the market from the day you secure your new mortgage, allowing us to notify you when it’s time to switch. Sometimes it makes sense to switch before your initial period ends despite paying an exit fee, so our algorithm takes this into account too - something an adviser working at a traditional broker just isn’t physically able to do with such regularity.

Using online mortgage broker Trussle to remortgage

Trussle launched in December 2015 - becoming the UK’s first online mortgage broker - and now actively monitors more than £1 billion of mortgages on behalf of homeowners across the UK.

It takes less than a minute to find out whether you could save by remortgaging to a more suitable deal. If you could save, it takes just a few more minutes to complete your Trussle profile in order to receive a personalised mortgage recommendation - far quicker than using a traditional broker, comparison site, or going direct to lender!

We’ll then manage the application process, keeping you informed at every step of the way. We’ll even continue to monitoring your mortgage once secured, so you never pay more than you should.

With no paperwork or meetings to worry about, you’ll have more time available to spend doing the things you love.

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