Advantages Of Using An Online Mortgage Broker To Get A Mortgage
27th June 2017
Why use an online mortgage broker to get a mortgage? The advantages include 24/7 availability, access to a qualified adviser, and a fast system that can scan thousands of mortgage products in minutes. Online mortgage brokers like Trussle help you get a mortgage without the paperwork, meetings, or broker fees.
Buying a home is exciting, but the prospect of finding and arranging a mortgage can feel overwhelming. With a huge range of options available, how do you make sure you get the right mortgage for you?
When looking for a mortgage, you might decide to use an online comparison site, approach lenders directly, or speak to a traditional mortgage broker. You can also use an online mortgage broker like Trussle to get a mortgage, and this option comes with a unique set of advantages.
Why use an online mortgage broker to get a mortgage?
An online mortgage broker compares products from many different lenders to find a mortgage that fits your personal circumstances and financial situation. Although the service sounds similar to that offered by a traditional mortgage broker, online mortgage brokers use clever technology to make the whole process a lot quicker and more convenient.
Benefits of using an online mortgage broker
Manage your mortgage online
As you’d expect, using an online mortgage broker to get a mortgage means you can do everything online, from making your initial mortgage application to checking how your mortgage is progressing. The whole thing is convenient and hassle-free, and spares you meetings and phone calls with mortgage advisers.
With an online mortgage broker, you can check the progress of your mortgage application whenever you want, from whichever device you have to hand. There’s no need to take time off work for mortgage adviser appointments - instead, simply log in when you have a few minutes to spare.
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 June 2017, all online mortgage brokers are currently free to 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.
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 get a mortgage
Trussle is the UK’s first online mortgage broker. Since we launched in 2015 we’ve helped thousands of people get mortgages and buy their homes. We currently monitor over £1 billion worth of mortgages for homeowners across the country.
Use our mortgage affordability calculator to see how much you could borrow, and complete your Trussle profile online in a few minutes. Once we’ve scanned the market, we’ll be in touch with your personalised mortgage recommendation.
If you’re happy to go ahead, we’ll manage the application process, keeping you updated throughout. You can also login to your online account anytime to check your application’s progress. The whole process is refreshingly quick and simple, and it’s free of meetings and paperwork.
By taking some of the best bits of a traditional broker service, and using technology to make everything faster, more convenient, and more flexible, we’ve created a mortgage broker that works for you.