Why digital mortgages are now the best way to secure finance

Ben Weighill, director of Hooski

Over the last few years technology has continued to advance at a rapid rate of knots, with some arguing that this is a good thing, while others still remain very much unconvinced.

One advancement that has come from this new and improved ‘digital age’ that we are living in, is how we can now choose to purchase a property.

The high street banks used to have a real stranglehold on the mortgage industry, a virtual monopoly on the entire market some would argue. Oh, how a few years, and a few advancements in technology have altered the entire financial landscape.

High street banks are closing left, right, and center, and there is no sign of this particular tide turning anytime soon.

The fact that an ever-increasing amount of consumers are continuing to turn to online mortgage advisers as opposed to their local bank, shouldn’t come as a major surprise.

If you dig a little deeper, there are many obvious reasons and benefits as to why many people are now taking this digital route.

Firstly, online mortgage providers allow their customers to compare and contrast the best deals concurrently. This is in stark contrast to having to deal with your local (and with the number of branches that are closing every day, I use the word LOCAL very loosely) bank, where initially you will probably have to wait at least a couple of weeks to get an appointment, before what feels like a lifetime of scouring endless amounts of documentation, while listening to an adviser trying to rope you into committing to THEIR product. At the conclusion of this long, and drawn out process, you are only left with the one option that the bank in question is offering, without being able to compare it to anything else that is on the market. Having to go through this process numerous times with multiple different banks is wasting precious time that you’ll never see again.

Choosing to apply for your mortgage online allows you to reclaim this time and use it in much more important, meaningful, and productive ways (unless you are an extremely eccentric, some might say weird, individual who loves to spend hours in banks), by enabling the consumer to research, cross-reference and compare a vast amount of varieties (currently over 70 lenders) offered by different lenders all at the click of a button.

In addition to this, they also provide an in-depth explanation of the various different options at your disposal, which includes- variable and tracker rate mortgages, fixed-rate mortgages spanning different periods of time, and refinancing options.

Another incentive that online mortgage brokers are able to provide to its customers, is that they allow you to stay connected and be in control, by allowing you to contact them in many different ways such as live chat through the website, or by email, much easier than trying to get in touch with your local bank.

Financial flexibility is also a major bonus that online mortgage advisers can provide. After you have committed to a mortgage agreement at a certain interest rate, your financial situation may change through no fault of your own. If this situation was to arise, it’s much less complicated to amend your details to fit your situation directly over the internet, where you can easily chat with an expert, should you feel the need.

If you are still not convinced about getting a mortgage through an online adviser, how about this for a cherry on top of the cake (drum roll please) … it has the potential to save you money.

Yes, that’s no porky pie. Unlike many face-to-face advisers, who have substantial overhead costs to cover, online mortgage brokers primarily do their work through computers, and therefore they do not charge a fee for their advice, instead receiving a commission from the lender on completion of the mortgage.

Sign up to our daily email