Should I really buy a mortgage online?

If you shop for groceries, clothes or gadgets online, you may already be used to looking around the internet for guidance on what to buy and what may be a good deal.
But should you buy a mortgage online?

Finding the right deal
There are no two ways about it: getting a mortgage is a big deal. Failing to keep up the repayments may mean losing your home. Getting the wrong product could cost you a lot of money, and if you go down the interest-only route you may even have a shortfall when it’s time to pay the mortgage back.

On the other hand, when you get a mortgage right, it is possible to not only find the right product to suit you but save a great deal of money too.

The trouble with buying a mortgage online is that there is almost too much choice. Rather than feeling like a kid in a sweet shop, the range of products on offer can make you feel overwhelmed.

That is where Professional Mortgage Advice comes in. A good Independent Financial Adviser (IFA) can:

  • listen to what you want;
  • help you clarify your needs;
  • review your existing commitments;
  • do all the searching on your behalf;
  • make sure that you are getting a good deal;
  • be there to help the process go smoothly; and
  • save you significant amounts of time, stress and money.

You may not always get any of these things if you buy a mortgage online direct from a mortgage provider.

Time to get cracking
Internet shopping may be a quick way of getting some products and services, but all the research you would have to do if you go it alone could take evening after evening of searching the web. This is then followed by a great deal of time form-filling and dealing with the significant number of requirements that Lenders have.

Getting Professional Mortgage Advice could give you your evenings (and your sanity) back!

Also, bear in mind that some Mortgage Brokers:

  • may also have access to special deals not publicised in the public eye, meaning you could be missing out; and
  • experienced Independent Financial Advisers will know how the Lenders work and what their qualifying criteria is. For example, some mortgage Lenders may be reticent at lending to someone with a less-than-perfect credit history or a self-employed person. If you do not meet their criteria, they will decline your mortgage application, meaning a negative mark on your credit file (which can affect further lending). Experienced IFA’s will know which Lenders are the best ones to approach, depending on your circumstances.

Making a mistake
If you make a mistake by buying the wrong home loan, you may be able to remortgage. However, some Lenders may make an Early Repayment Charge for letting you do this, which could cost you dear!

If you thought you might want to buy a mortgage online, why not get professional mortgage advice from Shire Financial Management instead, it is Free after all? Why not put our decades of experience of giving mortgage advice to the test?

Tags: , ,

Leave a Reply