Welcome to Online Mortgage Advisor
5 stars based on
For most of us, taking out a mortgage to buy a house will the biggest and most important financial transaction we ever make. Despite all the technology now available to us, online mortgage broker uk a mortgage is still done by letters and phone. But the industry is slowly coming round to the benefits of new technology, with various apps and online services growing in popularity and functionality — meaning prospective homeowners may soon be able to get a mortgage online.
With online mortgage broker uk becoming online mortgage broker uk online-savvy, the banking industry as a whole is waking up to the prospect of providing intuitive online services. In terms online mortgage broker uk mortgages, there are now a lot of online mortgage brokerages that are working on automating the application process for customers — some even using Artificial Intelligence and machine learning to recommend mortgage online mortgage broker uk. How do mortgages work?
A complete guide to mortgages and how to get one. What is a tracker mortgage and is it right for you? What is a Mortgage in Principle, and do you need one? Rather than having to submit paper copies of bank statements and payslips to your lender, who then uses a credit rating agency to get a credit report etc… the whole process between brokers, lenders and solicitors can be managed with one online dashboard.
Another area that would benefit borrowers is the technology that would allow them to apply online and then receive offers from a number of different lenders. APR, rate, lending fee etc…this would actually use the details input by borrowers to recommend mortgages they are actually eligible for — and which ones represent the best deal for their personal circumstances.
Below we take a look at some of the more forward-thinking mortgage apps that online mortgage broker uk launched in the past year, and what each of them can offer prospective borrowers…. Trussle was launched in Decemberwhich makes it the first online mortgage broker in the UK. It uses its own algorithm and actual humans to assess your personal data and answer the big three mortgage questions: What mortgage can you afford? Which type of mortgage is right for you? When is the best time for you to switch mortgages?
Trussle will search through over 11, different mortgage products from online mortgage broker uk individual lenders in real time, giving you a quick decision on the most suitable deal for you.
The Trussle service is entirely online, although everything is reviewed and qualified by their in-house mortgage advisers before being approved. It offers borrowers all the benefits of AI e.
Habito was founded in April by Daniel Hegarty, the former head of decision science at payday lender Wonga, who went through the process of getting a mortgage and was surprised at how difficult and clunky it was.
Habito takes the easy interaction that the internet offers by using an automated chat bot to give customers bespoke mortgage advice based on the information they input. It uses artificial online mortgage broker uk to explore all the relevant aspects of your financial life e. It will then use real-time mortgage rates to work out an initial monthly mortgage repayment that you can afford.
Online mortgage broker uk you are done going through the chat bot process, Habito will recommend its preferred lender and mortgage product for you. This can be done online either via desktop or laptop, or on your mobile device.
You will then be put in touch with a mortgage adviser over the phone to double-check everything before sending the full mortgage details on email. All the document handling is done via the chat bot, so you can upload your bank statements, wage slips etc… while you chat. However, they will soon roll out its real-time mortgage approval system to provide an actual agreement in principle from the lender.
A relative newcomer, Dwell was launched in January with the aim of making mortgages easier for people who are fed up of having to take time off work or wait for weekends to meet up with advisers face-to-face. Users have to fill out a comprehensive form asking for detailed personal information including employment status, income sources, financial commitments and products credit cards, online mortgage broker uk etc… savings, financial dependents, spending habits and so on.
This whole process should take around minutes, as long as you have all the requested information to hand. Dwell will then use this information to search for the top three mortgage products that are most suitable for you. You can upload documents direct to their custom built system, and following the initial decision you can schedule a telephone call or WhatsApp conversation with an in-house adviser. Like all mortgage brokers, they will online mortgage broker uk into account your income sources — no online mortgage broker uk how complicated they may be — and try to find you the most suitable mortgage.
The exact amount will depend on which company you use, but online brokers charge in the same way that traditional brokers and mortgage advisers do. Some will offer free advice and then take a commission from the lender when you take out the mortgage. Others do this as well as charge a flat fee, percentage or hourly rate at online mortgage broker uk end of the process. You can trust them to try their best, but depending on your own circumstances and the information you provide it may not be the cheapest rate for you.
They all use different algorithms to process your information and find mortgage deals they think are suitable. Lenders and brokers are looking to the future and investing in online services to suit those who prefer to deal that way, but are likely to keep offering a face-to-face and phone services for people who prefer that.