Online mortgage broker vs high street bank
The expertise and advice of online mortgage brokers is rapidly becoming the go-to resource for prospective borrowers, rather than heading straight to their bank. It’s a logical trend. By going to an online mortgage broker, you could save a lot of money and also have the benefit of a real expert to help improve your chances of getting your application approved – even if it’s been declined in the past.
What’s more, an online mortgage broker has access to the mortgage market in its entirety, so they have a larger pool of options to discover the best deal for you. A high street lender will only present you with its own products, so the chances of you getting the best deal available are slim.
Is it easier to get a mortgage from a bank?
It’s natural to think that it will be simpler and less stressful to just go straight to your bank. In reality, however, it is often much simpler to use an online mortgage broker. This becomes even more true if your credit score isn’t brilliant, or if you have recently become self-employed. With a good mortgage broker in your corner, all that complicated, stressful work will be done on your behalf, and you will have access to specialist mortgage lenders who are more flexible when it comes to complex situations.
The expert mortgage advisers at Think Plutus can help with:
- Self-employed mortgages
- Bad credit mortgages
- Buy-to-let mortgages
- First-time buyer mortgages
- Low deposit mortgages
- Interest only mortgages
- Maximum loan mortgages
- Commercial mortgages
Money-saving tips from our mortgage experts
Check the FULL cost of your mortgage
It’s very easy to fall into the trap of opting for a low-rate product without looking at the additional fees. Many mortgages come as a package with costs like arrangement fees and surveyor fees, and this will vary from one product to the next. You may find there is another lender who offers the same low rates without attaching any additional fees to the package. Always check the full cost of the mortgage across the overall term – this is where your attention needs to be.
Always shop around
Going with the first mortgage product you find at your bank is rarely the best move. Many people do this, and while there is no problem with going to your bank as one possible source of a mortgage, you should always shop around before committing to something.
This is a mortgage search, so there should be some searching involved. Banks will only offer their own products, which is a small percentage of what’s available on the full market. With the help of an online mortgage broker, you will have the full market at your disposal, which could connect you with exclusive deals or specialist lenders for more complex applications.
Keep your chin up
The expert mortgage advisers at Think Plutus frequently secure mortgages for borrowers who have been declined in the past. We also help people find better deals when previous offers have had high rates or exorbitant additional fees. Just because you get declined, or a bad offer, from one or two lenders, it doesn’t mean the same thing will happen every time.
An experienced online mortgage broker will get a comprehensive understanding of the criteria of different lenders. This means that when they gather all the pertinent data regarding your circumstances, they will be able to match you with the best possible lender. It can be difficult to do this yourself, since lenders are not always forthcoming about their full criteria. What’s more, those criteria change frequently. An online mortgage broker is always kept up-to-date with these changes, as they are placing mortgages every single day.
The right mortgage for you
All mortgages are different. You need to understand all the different types, including things like fixed rates and tracker rates, to determine which will be a good fit for you. Lenders will assess what you can afford based on your income and outgoings, but you should have already made your own assessment of the monthly payments that will work with your lifestyle.
Some borrowers require a mortgage at a faster rate than others. There can be many reasons for this variation. However, some lenders are much slower to process applications than others. This isn’t a key concern for everyone, but if you need your mortgage fast, you’ll need a lender that can accommodate this need. An expert online mortgage broker can take your circumstances into account to recommend the right mortgage products for your needs.
Make use of specialists
It isn’t always straightforward to qualify for a mortgage. If you don’t fit the conventional mould – which means being in permanent, contracted employment, with clean credit and a large deposit – it can be challenging to secure a mortgage quickly. This is particularly true when trying to obtain a mortgage from a high street bank.
Specialist circumstances like being self-employed or having poor credit often require specialist lenders. An online mortgage broker can be the difference between being approved and declined. And remember, once you have been declined, you have damaged your chances of being approved in future.
Contact an online mortgage broker
By speaking to an online mortgage broker from the beginning, you reduce your risk of being declined. It will give you the maximum possible chance of being approved, including applications as first-time buyers, for buy-to-let mortgages, commercial finance and remortgaging.
Lenders tend to continually become more strict about who they will approve for mortgages, so your application needs to be placed with the correct lender from the outset. An online mortgage broker can arrange to meet you in person, or they can carry out the entire process remotely over the phone.
The specialist advisers at Think Plutus have a wealth of experience in mortgage applications, especially the more complex ones. If you need a mortgage but are feeling uncertain about how to make the right moves, make an enquiry today and one of our specialists can speak to you.
For an online mortgage broker with whole-of-market access and genuine expertise, Think Plutus.