Mortgage brokers online
Whatever we spend our money on, we want to get the best deal we can. Sometimes we can benefit hugely by relying on an expert, and by spending a little money we can save a lot in the longer term. This is the category online mortgage brokers fall into – and you can get the benefit of their experience without even leaving the house.
An online mortgage broker is an impartial financial expert who can help you negotiate the complexities of the mortgage market to find the best deal for you. This even includes deals that wouldn’t be available to you direct, so online mortgage brokers can also unlock parts of the market you’d otherwise be unable to access. While most brokers charge a fee, a good broker can potentially save you that, and more. They might even make the difference between you owning your dream home or having to walk away from it.
There are plenty of mortgage brokers online to choose from, but how do you find the right one for you?
Top 10 things to look for in a mortgage broker
A good broker should be:
- Able to access the whole mortgage market – that way, they aren’t limited on the deals they can find for you.
- Qualified – they have to be, in order to be able to give mortgage advice to people, and they should appear on the Financial Services Register.
- Impartial – they’ll give you unbiased advice because they’re on your side, working for you – not the lender – and they’ll put your interests first.
- Well-regarded – for example, they have testimonials from happy customers on their website.
- Open about their fee structure – they should explain how they get paid and what it will cost you.
- Willing and able to explain everything to you clearly – and in plain English, not financial jargon that sounds like gobbledegook.
- Knowledgeable and experienced – they should know the industry and the market, have good research skills and have dealt with a range of clients with varying needs.
- Able to answer any questions you have – and also act as a link between you and the lender, chasing up any paperwork and making sure the application process keeps moving along.
- Able to offer exclusive products – chances are they’ll have access to exclusive broker-only deals with lenders that can’t be accessed by any other route.
- 10. Able to find the perfect deal for your needs and finances – having taken the time to understand your situation, they should be able to find the perfect match for you.
Different types of mortgages
At Just Mortgage Brokers we have years of experience of helping customers in a wide variety of circumstances find the lending solutions that best suit their individual needs. We can help in a broad range of mortgage and borrowing scenarios, including:
Key differences between high street vs online brokerage
The main choices you have when it comes to arranging a mortgage are to go direct with a high-street lender, or to use a high-street or online mortgage broker.
If you choose to go direct with a high-street bank or building society, you only have access to their products. The mortgage advisor that you speak to cannot give you independent advice, or comment impartially on mortgage deals offered by other lenders. You might get lucky and get a great deal – or you might miss out on a better offer, available elsewhere.
If you use a mortgage broker, you can deal with someone face-to-face – many estate agents’ offices, for example, have their own in-house broker – or you can access mortgage brokers online. Always make sure at the very least that they are impartial and have access to the whole UK mortgage market – even if a mortgage broker isn’t tied to a specific lender, there are some who are limited in what lenders and deals they have access to.
A good online mortgage broker will take the time to understand your personal circumstances before they do anything. They’ll be aware of the criteria specified by different lenders, so they’ll know which are most likely to say yes to your application. Their specialist knowledge of the market, backed up by research skills, allows them to find the best deal for you. Brokers have contacts not available via the high street, and access to specialist deals that people cannot obtain direct. A good mortgage broker will save you time and money, and cut out the stress and hassle of sorting things out yourself.
How does a mortgage work and how do you calculate repayments?
For most people, a property is the most expensive thing they will ever buy. Not many of us are able to put down the full purchase price of a home in cash, and that’s where a mortgage comes in. It’s simply a loan that is repaid over an agreed term. As well as paying back the amount you borrowed, you also pay interest on the amount outstanding (sometimes called the capital or principal balance). The two most common types of mortgage are capital repayment, and interest-only.
With a repayment mortgage, the amount you pay to the lender each month not only covers the interest accruing on the loan, but also chips away at the capital balance, which decreases over time. When a capital repayment mortgage reaches the end of the agreed term, you will have fully repaid the amount you borrowed from the lender.
With an interest-only mortgage, your monthly repayments are smaller because all you are paying back is the interest on the loan. That means you have to have a means of paying off the amount you borrowed when the mortgage term ends – this is usually referred to as a repayment vehicle, and examples can include some types of ISAs and other investment plans. This type of mortgage is much less popular following the financial crash.
Working out the monthly payment on a given mortgage deal can involve a lot of complicated maths. Fortunately, we have a range of easy-to-use mortgage calculators to help you see what your mortgage is likely to cost you.
While online mortgage calculators are a good guide, there can be no substitute for expert advice – and remember that your mortgage is secured against your property, so if you are unable to keep up payments, you may lose your home.
How Just Mortgage Brokers can help you!
Here at Just Mortgage Brokers we have a team of specialist online mortgage brokers with access to lenders and deals from across the whole UK mortgage market, from the largest high-street banks to smaller, more specialist lending companies. Whatever your circumstances, we can help you to access the best deal for you, saving you time, stress, hassle and money. Get in touch with us online today for free initial information and advice, and see how we can help unlock the mortgage market for you.