Easier Mortgage Applications?

JaneKlue · 3 April 2017 at 12:24PM

We’re really keen to get onto the property ladder, and have been shopping around for mortgages. It all sounds quite complex and we’re looking for alternatives that are a bit simpler to understand and require the minimum paperwork. Recently we’ve seen some articles about online mortgages… has anyone had any experience with them? Are they reliable to use?
We’d love a second opinion on this.

ACG · 3 April 2017 at 12:31PM

I do not know of any lenders who will allow you to apply online.
Some brokers say they are online but in reality all you are doing is filling out a factfind online. They will then call you for anything they need further info on.

Most brokers/lenders will do the factfind over the phone or face to face. If anything that is probably better as it gives you the opportunity to ask and get guidance on any questions you are unsure about.

Dont for one minute think you are alone. I have had people not have a clue and just basically ask me to do everything so they can just put their head in the hand right through to people checking up every 15 seconds and question every detail - obviously I prefer the former, but either is fine and happen on a daily basis.

David_White · 3 April 2017 at 1:24PM

This isn't me advertising but 100% of all business I do is conducted via emails and telephone calls so I never actually meet my clients.

Many brokers work that way these days so if you're wanting help with a mortgage without the boredom of sitting in a bank for hours I would ask friends/family if they can recommend a good broker or search online.

There's also plenty of brokers that don't charge anything upfront so make sure to do a bit of research before diving in

Torfoxwell · 3 April 2017 at 1:39PM

100% broker all the way , takes the stress off and well worth their weight in gold ... mortgages are complicated and they can take the strain off and reassure your fears

JaneKlue · 3 April 2017 at 3:26PM

Thanks for the feedback guys, keep it coming. I'm going to try a few of the online options and will share the experience with you

sean_silva · 3 April 2017 at 3:59PM

I have recently got my mortgage application accepted and I was in the conveyancing journey. so let me share some experience with you.

1. Unlike other business transactions, I found it very helpful to have intermediate person [mortgage broker] between lender and me. So please reach out to people, do your research, get recommendations from reliable people and hire the service of a good mortgage broker.
I found mine through my bro's recommendation.

2. Positive side of hiring a mortgage adviser is, you will get a good guidance through out the process. [for a relatively cheaper price] Additionally you will get to select number of lenders along with their interest rates whom agree to loan you money.

3. Mortgage Advisers have reliable connection with lenders and their knowledge is quite valuable when it comes to application process.

4. My final advice is do not think about online shortcuts, go through the process, learn with it. You won't regret about spending time in the due process, when considering the importance.

Pdbaggett · 3 April 2017 at 4:38PM

Hi, I am completing on my house purchase this week and literally did everything over the Internet and email. (apart from a few original signed contracts through the post).

although I must point out I'm a ftb with a large deposit, perfect credit history and a well paid job so my mortgage was less than 2x my annual income.

With that said I applied online through HSBC and it was incredibly easy in all honesty and took about a week to get accepted, all documents need were just taken straight to the branch. You can choose for them to appoint and solicitor and surveyer also. Every thing else was done online the solicitor just asked me questions by email which I prefer anyway. It was very straightforward for me.

JaneKlue · 4 April 2017 at 10:09AM

If I may ask, were you referred to a broker by a family friend, or did you just research it?

JaneKlue · 4 April 2017 at 10:34AM

Thanks for the advice, I'll ask around for recommendations re mortgage advisors... we're the first out of our set that are looking to get a mortgage, everyone else, is kinda happy to rent at the moment. Our family is also all based outside of London, more in the countryside so getting good advice, has been harder than what we'd anticipated originally.

Thrugelmir · 4 April 2017 at 10:40AM

JaneKlue wrote: »

It all sounds quite complex and we’re looking for alternatives that are a bit simpler to understand and require the minimum paperwork.

What's complex?

David_White · 4 April 2017 at 11:11AM

For a first time buyer with no experience or knowledge of purchasing a property the entire process can feel very complex and daunting.

Easier Mortgage Applications?

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