07 Dec 2018
What is an Online Mortgage Broker?
Ever wondered what we do here at Mortgages Online? Well, we provide our customers with mortgage options, online – you could say the clue is in the name… Yes, online mortgage brokers are becoming the new norm in the world of lending, but what is it they do exactly? Luckily for you, we're going to explain all you need to know in this post.
This week we’re looking at what online mortgage brokers are. We’ll cover everything from what they do, to why they can be beneficial for you. So, if you want to learn more about online mortgage brokers, keep yourself on this page and scroll down!
Online Mortgage Brokers
So, like the traditional face-to-face mortgage brokers, online mortgage brokers offer mortgage advice. Brokers are the middle man, if you like, between you and the mortgage lenders. Online mortgage brokers like us search the market for mortgage deals (that are sometimes not available to the public). But, unlike the traditional brokers, online mortgage brokers don’t have a shop front and will rarely meet you in person. Yes, the name gives it away, but they are fully online. Ideal if you want to find a mortgage from the comfort of your own home…
With everything slowly moving to the digital world, it was only a matter of time before mortgages caught up and online brokers came about. Online mortgage brokers are brilliant for convenience purposes. A lot of the time, mortgage brokers have limited appointment windows and work to standard office hours, which means your mortgage application process could be slowed down, or even halted, until you can find the time to book that initial meeting with a broker. Whilst banks and building societies may have more flexible appointments, they'll only offer rates and products from their own range, so you’re limited to the market coverage you get. This is where online mortgage brokers hit that sweet spot in the middle – convenience and wider market coverage.
Not everyone has the time or patience to wait for a face-to-face appointment to be scheduled, and online mortgage brokers make the whole process smoother, simpler and a lot more convenient.
How do online mortgage brokers work?
It’s fairly easy and straight forward, especially with us. All you need to do is enter a few details, such as your total income and you’re age, and whether you're a First Time Buyer or not. Then, the system works it's magic and provides you with potential mortgage options for you. It’s a great way to get a quick Idea of how much you should be able to borrow and potential monthly costs without any upfront commitment. When you carry out a quote with us, there is no obligation to go through with the quote and carrying out a quote won’t affect your credit score, because at the initial stage there are no credit checks (this comes later on in the application process).
Why use an online broker?
If you like:
- Quick and easy processes
- Getting a wide coverage of mortgage deals
- Personally tailored mortgages
- Not speaking to people (face-to-face)
Then an online mortgage broker may be ideal for you. We can’t speak on behalf of other online mortgage brokers, but here at MO, finding you Ideal mortgage couldn’t be simpler. Not only that, but you will get full administrative support from start to finish with weekly updates to ensure you're kept in the loop.
Now all your questions relating to online mortgage brokers have been answered, and you’ve decided to use one, you know who to use.
Click here to start your New Mortgage application!