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  • FIRST POST
    • JaneKlue
    • By JaneKlue 3rd Apr 17, 12:24 PM
    • 15Posts
    • 3Thanks
    JaneKlue
    Easier Mortgage Applications?
    • #1
    • 3rd Apr 17, 12:24 PM
    Easier Mortgage Applications? 3rd Apr 17 at 12:24 PM
    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.
Page 2
    • Conrad
    • By Conrad 4th Apr 17, 3:43 PM
    • 31,212 Posts
    • 54,089 Thanks
    Conrad
    just thinking you might have less chance if you pick the good one,
    not sure how it works
    Originally posted by prosaver



    Hard to say. As a very general rule the high st lenders tend to have less onerous criteria, the likes of Virgin, Halifax, Santander, Nationwide. The Bank Banks, such as Barclays and Natwest will almost always require Bank statements whereas the 4 lenders above request them if they feel they need to.


    Note most Brokers require site of Bank stats for their own compliance purposes regardless of what lenders request.
    Will European citizens take kindly to bloated Brussels elites harming their livelihoods with barriers to their UK trade? 9% of Dutch exports come to the UK....
    • TimothyJohn12
    • By TimothyJohn12 4th Apr 17, 3:51 PM
    • 4 Posts
    • 1 Thanks
    TimothyJohn12
    Just google it i.e "online mortgage broker"
    • NovaW
    • By NovaW 5th Apr 17, 9:58 AM
    • 1 Posts
    • 0 Thanks
    NovaW
    Just google it i.e "online mortgage broker"
    Originally posted by TimothyJohn12
    Alternatively just Google "mortgage broker". It seems like you're afraid to use the banks so you might find a few alternatives this way.
    • JaneKlue
    • By JaneKlue 5th Apr 17, 1:30 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    Unfortunately I don't bank with HSBC and the process with Natwest just hasn't been very fruitful, hence me looking at alternatives i.e. online mortgage broker advisors and the rest
    • Pdbaggett
    • By Pdbaggett 5th Apr 17, 4:47 PM
    • 9 Posts
    • 7 Thanks
    Pdbaggett
    How complex is your case I.e lots of debt? Requiring a large mortgage? History of no repayment? Online is easy if you are a straight forward case if not perhaps a broker would be more beneficial.

    I don't subscribe to the notion that a first time buyer needs a helping hand though there is so much information on the Internet covering every aspect of the process it's pretty easy to suss out really.
    • David White
    • By David White 6th Apr 17, 11:47 AM
    • 811 Posts
    • 346 Thanks
    David White
    I don't subscribe to the notion that a first time buyer needs a helping hand though there is so much information on the Internet covering every aspect of the process it's pretty easy to suss out really.
    Originally posted by Pdbaggett
    You would be surprised what the knowledge gap is like out there.

    Personally I think schools should be teaching basic finance skills such as how an overdraft, credit card, mortgage works etc

    I have spoken to a huge amount of people that struggle to get their head around obtaining their credit reports let alone a mortgage application.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Irenita
    • By Irenita 7th Apr 17, 11:16 AM
    • 5 Posts
    • 1 Thanks
    Irenita
    Only if the online mortgage provider consists of a machine optimizing the best options out there in the market, then using online mortgage brokers could be quicker than working with traditional mortgage broker advisors.

    If the online mortgage site is just asking questions to avoid the same process in person, to then call you and continue with it.. not much difference really.
    • JaneKlue
    • By JaneKlue 11th Apr 17, 12:06 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    I agree that hand holding isn't needed, I think really why I broached this topic was because of the volume of information out there, it's easy to have an information overload. We're all consumers at the end of the day and we're lucky/privileged in the fact that we have peer review/customer review systems which act as a heads up of sorts.

    I know if I had a bad experience with a product or service somewhere I would alert someone to it. As a case in point I was at a bakery the other day and we generally love the food there, but as a fairly new place the service has become progressively worse and while we were happy to pay a premium before when the service was actually good, it's become less justified as the service has deteriorated...

    As someone who is fairly passionate about business... what I saw was good business, a niche proposition but I also saw sub standard service... I'll send a note to the manager or give him a random call... not because I'm whiny... but because I know they're not far from doing really well in a very competitive market, if only they brushed up on their service delivery.

    I guess I started this thread, because I was rather hoping that there may be some strong opinionated people here, who could share some of their experiences... with regards to securing mortgages, my case has only been unique in that I wasn't happy with the service I was receiving with the institution I actually bank with. Hence me looking at alternatives, preferably tried and tested. I've followed all the advice here and will send across detailed findings shortly.
    • csgohan4
    • By csgohan4 11th Apr 17, 1:05 PM
    • 3,567 Posts
    • 2,239 Thanks
    csgohan4
    Broker I know well has just got in trouble big time with her Network(Countrywide) for not meeting clients face to face to verify ID
    Originally posted by Conrad
    I never met my broker in person, just over the phone, but did give him passport, driving license e.t.c.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • kingstreet
    • By kingstreet 11th Apr 17, 1:09 PM
    • 31,591 Posts
    • 16,873 Thanks
    kingstreet
    If you are set up to do face to face, you have to do exactly that.

    If you are set up for face to face and start doing remote, your network needs to know to ensure your anti-fraud processes are robust.

    Normally, as a minimum you have to obtain two lots of ID and two lots of proof of address where one of each is typical for F-F.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • JaneKlue
    • By JaneKlue 18th Apr 17, 2:37 PM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    For a first time buyer with no experience or knowledge of purchasing a property the entire process can feel very complex and daunting.
    I've heard a lot and read a lot about getting caught up in paying too much on interest and how homeowners often get up caught up in paying higher standard variable rates which are prescribed by lenders. I guess that's what's been gnawing away at me personally. I've also found some resources which are quite helpful on the subject though. But still it seems a bit convoluted.
    • TimothyJohn12
    • By TimothyJohn12 19th Apr 17, 2:53 PM
    • 4 Posts
    • 1 Thanks
    TimothyJohn12
    Yes, so have I... I was reading about standard variable rates on the FT, it kinda scared me a little.. they were comparing fixed rates to standard variable rates, as an example the below was shared:

    For someone with a £200,000 repayment mortgage over a 25-year standard term length, choosing to remain on SVR after coming off a two-year fix could mean their monthly repayments rise by an average £163, Moneyfacts said — equivalent to £1,965 a year.

    Repayments rising by 163 might be small change to the guy next door, but in case no one has noticed the cost of living keeps rising and with there being a substantial amount of instability in the economy, one really doesn't know what to expect in as far as inflation is concerned.
    • Irenita
    • By Irenita 19th Apr 17, 5:12 PM
    • 5 Posts
    • 1 Thanks
    Irenita
    Just google it i.e "online mortgage broker"
    Originally posted by TimothyJohn12
    Thank you, I have found:
    1. Habito
    2. Onlinemortgageadvisor
    3. Landc
    4. John Charcol

    Can somebody share any feedback interacting with those mortgage brokers?
    I have tried to search here, but there is no detailed comparison available.
    • TAWBristol
    • By TAWBristol 19th Apr 17, 10:27 PM
    • 10 Posts
    • 5 Thanks
    TAWBristol
    Thank you, I have found:
    1. Habito
    2. Onlinemortgageadvisor
    3. Landc
    4. John Charcol

    Can somebody share any feedback interacting with those mortgage brokers?
    I have tried to search here, but there is no detailed comparison available.
    Originally posted by Irenita
    I have just had a mortgage approved after using Habito.
    The whole process was so easy, and great in the fact you can send messages to your broker form your phone etc when it suits. I even sent a message on a Friday night at 23:45, expecting to have a reply Monday morning - and the reply was at midnight - you don’t get that on the hight street.

    I’m a FTB and the whole process has been quick easy and so simple, and the mortgage broker I was paired with has been amazingly helpful.
    I would definitely recommend them from my personal experience over the past couple of weeks.
    • JaneKlue
    • By JaneKlue 20th Apr 17, 10:50 AM
    • 15 Posts
    • 3 Thanks
    JaneKlue
    I have just had a mortgage approved after using Habito.
    The whole process was so easy, and great in the fact you can send messages to your broker form your phone etc when it suits. I even sent a message on a Friday night at 23:45, expecting to have a reply Monday morning - and the reply was at midnight - you don’t get that on the hight street.
    Originally posted by TAWBristol
    Thanks so much for sharing this information @taw. I had looked into them before, but never actually made an enquiry. I just did some background research of the company to start. I am curious though about a few things (I realise that this might be sensitive information) and I hope you don't mind me asking:

    a) What was the value of the mortgage you were approved for?
    b) Was the mortgage approved instantaneously/how long did it take before you were approved?
    c) Was there a ball park figure of the salary you need to earn p/annum to qualify?
    d) What were your options in as far as the interest rates you were offered and opted for?
    e) Did you need to pay habito anything?

    Apologies for bombarding you with questions, but your feedback would be seriously appreciated!!!

    Thanks,
    • Maria stanley
    • By Maria stanley 20th Apr 17, 12:40 PM
    • 1 Posts
    • 1 Thanks
    Maria stanley
    Online Mortgage
    HABITO

    Using Habito starts with a simple conversation with a digital mortgage adviser - a chatbot that you can access from any connected device, 24/7. The platform analyses the market in seconds, finding the best matches for your individual circumstances. With access to every mortgage deal from over 70 lenders, once a perfect product has been found, it’s over to their human mortgage experts to discuss your options. By using intelligent machines their advisers do what they do best: give great advice, and using live chat they are available wherever you are - at home, in the office or on the beach. When you’re all clear on how to proceed you’ll continue to be personally looked after by one of their human experts, taking care of your entire mortgage application from start to finish for you. They’ll let you know exactly what we need and when we need it, making sure you’re never lost or left behind. All that’s left is for you to sit back, relax, and enjoy your free time. Using Habito costs nothing as their service is completely free, from start to finish! Just like any broker, they get paid by the lenders for processing your mortgage application. This fee is a fraction of a percent of the value of your mortgage. They will always tell you exactly what they’re getting paid at the point of your application so you know the full story. With Habito you have access to over 70 lenders, including HSBC, First Direct, TSB, Post Office and Tesco Bank. You can rest assured that if there’s an awesome deal from a lender we can't help with, You will be informed so you can choose whether to go direct.


    JOHN CHARCOL



    John Charcol is a mortgage broker operating by telephone and face to face providing mortgages from the whole of the market. It is advised you have personal dedicated consultant as they will liaise with your lender, solicitor and surveyor and manage the process right through to getting a satisfactory offer. They'll chase up references, instruct your survey and be the central point of contact for your mortgage application, keeping you updated every step of the way. The length of time each stage takes depends on a number of factors: The chain, how quickly you can organise your paperwork, the speed of solicitors and valuers involved. If you transact through John Charcol, we will take time to understand the timescales you would like to meet and will tell you if they are realistic. We will then liaise with all the professionals involved to try to help you meet your deadlines – and keep you informed throughout. Your consultant will do all they can to keep you fully informed by committing to the following:

    • Contacting you in the way you find most convenient - by phone or email
    • Contacting you regularly to update you on progress
    • Giving you an estimated date for the next activity every time they contact you
    • Answering any of your questions between 8.30am and 5.30pm Monday to Friday (or promising to get back to you within 24 hours if they aren't available when you call)


    With John Charcol if something does crop up since with so many people involved, problems can occur from time to time during a mortgage application., Having helped people arrange mortgages for many years you are rest assured because they will address it as quickly as possible. And of course, will always keep you fully informed. Their fees apply to all regulated mortgages including consumer buy to let’s. Certain mortgages, primarily business buy to lets and commercial mortgages, are not regulated. Fees for non-regulated mortgages can vary depending on your requirements and circumstances. The client fee doesn’t merely cover the administration of your loan application. It also covers our extensive research, our in-depth knowledge of the market and the independent mortgage advice you receive from them.

    ONLINE MORTGAGE ADVISOR




    Online mortgage advisor offers a source of impartial information for anyone looking for mortgage help, whether straightforward or specialist, so you can be sure you're getting the most up to date and relevant answers. If you require individual advice then we can put you in touch with an advisor and, where relevant, one that specializes in the type of mortgage you're after. All advisors that are passed your details are regulated and authorized by the FCA, so you can feel safe that if there's a mortgage out there for you they'll find it, and at the best rates! With any of the specialist advisors working with them your initial mortgage consultation is no-obligation and free of charge. Depending on the complexity and size of your mortgage there may be a fee for the service, which will all be discussed and agreed before you make a mortgage application. A typical fee is £399 for straightforward applications (will never be more than 3%). All advisors working with them are fully qualified and regulated, and they will offer any advice specific to you and your needs.



    L AND C





    At L&C, they take you through the mortgage application process from start to finish, offering expert guidance as to which kind of first time buyer deal might suit you best, so that you can get onto the first rung of the property ladder as painlessly as possible. There are lots of schemes available to help first time buyers who are struggling to get onto the property ladder. Shared ownership schemes, for example, enable you buy a share in a property through a housing association. You then pay rent on the part you don’t own, and can buy additional shares in your home when you can afford to. There is also the Help to Buy equity scheme, which allows you to borrow up to 20% of the value of a new-build home interest-free for the first five years. First time buyers purchasing in London can borrow up to 40% interest-free. If you’re not sure whether or not you’re eligible for one of these schemes, contact them and they will talk you through all the available options. The amount of interest you will pay on your mortgage depends on the particular deal you choose, but the good news is that record low interest rates mean that mortgage rates are currently very competitive. The bigger the deposit you have to put down, the better the mortgage rates you will be eligible to apply for. When choosing a mortgage, you can see which deals you might qualify for based on the size of the deposit you have by looking at what is known as the mortgage ‘loan to value’ (LTV). The LTV is essentially the size of the mortgage you are taking out relative to the value of the property. So, for example, if you were buying a flat costing £100,000 and you have a £5,000 deposit to put down, you’d need to look for mortgages with a 95% LTV, as you will be borrowing 95% of the property’s worth.You will need to factor in arrangement fees too, as these can sometimes substantially bump up the overall cost.


    • Irenita
    • By Irenita 20th Apr 17, 4:01 PM
    • 5 Posts
    • 1 Thanks
    Irenita
    HABITO

    Using Habito starts with a simple conversation with a digital mortgage adviser - a chatbot that you can access from any connected device, 24/7. The platform analyses the market in seconds, finding the best matches for your individual circumstances. With access to every mortgage deal from over 70 lenders, once a perfect product has been found, it’s over to their human mortgage experts to discuss your options. By using intelligent machines their advisers do what they do best: give great advice, and using live chat they are available wherever you are - at home, in the office or on the beach. When you’re all clear on how to proceed you’ll continue to be personally looked after by one of their human experts, taking care of your entire mortgage application from start to finish for you. They’ll let you know exactly what we need and when we need it, making sure you’re never lost or left behind. All that’s left is for you to sit back, relax, and enjoy your free time. Using Habito costs nothing as their service is completely free, from start to finish! Just like any broker, they get paid by the lenders for processing your mortgage application. This fee is a fraction of a percent of the value of your mortgage. They will always tell you exactly what they’re getting paid at the point of your application so you know the full story. With Habito you have access to over 70 lenders, including HSBC, First Direct, TSB, Post Office and Tesco Bank. You can rest assured that if there’s an awesome deal from a lender we can't help with, You will be informed so you can choose whether to go direct.


    JOHN CHARCOL



    John Charcol is a mortgage broker operating by telephone and face to face providing mortgages from the whole of the market. It is advised you have personal dedicated consultant as they will liaise with your lender, solicitor and surveyor and manage the process right through to getting a satisfactory offer. They'll chase up references, instruct your survey and be the central point of contact for your mortgage application, keeping you updated every step of the way. The length of time each stage takes depends on a number of factors: The chain, how quickly you can organise your paperwork, the speed of solicitors and valuers involved. If you transact through John Charcol, we will take time to understand the timescales you would like to meet and will tell you if they are realistic. We will then liaise with all the professionals involved to try to help you meet your deadlines – and keep you informed throughout. Your consultant will do all they can to keep you fully informed by committing to the following:

    • Contacting you in the way you find most convenient - by phone or email
    • Contacting you regularly to update you on progress
    • Giving you an estimated date for the next activity every time they contact you
    • Answering any of your questions between 8.30am and 5.30pm Monday to Friday (or promising to get back to you within 24 hours if they aren't available when you call)


    With John Charcol if something does crop up since with so many people involved, problems can occur from time to time during a mortgage application., Having helped people arrange mortgages for many years you are rest assured because they will address it as quickly as possible. And of course, will always keep you fully informed. Their fees apply to all regulated mortgages including consumer buy to let’s. Certain mortgages, primarily business buy to lets and commercial mortgages, are not regulated. Fees for non-regulated mortgages can vary depending on your requirements and circumstances. The client fee doesn’t merely cover the administration of your loan application. It also covers our extensive research, our in-depth knowledge of the market and the independent mortgage advice you receive from them.

    ONLINE MORTGAGE ADVISOR




    Online mortgage advisor offers a source of impartial information for anyone looking for mortgage help, whether straightforward or specialist, so you can be sure you're getting the most up to date and relevant answers. If you require individual advice then we can put you in touch with an advisor and, where relevant, one that specializes in the type of mortgage you're after. All advisors that are passed your details are regulated and authorized by the FCA, so you can feel safe that if there's a mortgage out there for you they'll find it, and at the best rates! With any of the specialist advisors working with them your initial mortgage consultation is no-obligation and free of charge. Depending on the complexity and size of your mortgage there may be a fee for the service, which will all be discussed and agreed before you make a mortgage application. A typical fee is £399 for straightforward applications (will never be more than 3%). All advisors working with them are fully qualified and regulated, and they will offer any advice specific to you and your needs.



    L AND C





    At L&C, they take you through the mortgage application process from start to finish, offering expert guidance as to which kind of first time buyer deal might suit you best, so that you can get onto the first rung of the property ladder as painlessly as possible. There are lots of schemes available to help first time buyers who are struggling to get onto the property ladder. Shared ownership schemes, for example, enable you buy a share in a property through a housing association. You then pay rent on the part you don’t own, and can buy additional shares in your home when you can afford to. There is also the Help to Buy equity scheme, which allows you to borrow up to 20% of the value of a new-build home interest-free for the first five years. First time buyers purchasing in London can borrow up to 40% interest-free. If you’re not sure whether or not you’re eligible for one of these schemes, contact them and they will talk you through all the available options. The amount of interest you will pay on your mortgage depends on the particular deal you choose, but the good news is that record low interest rates mean that mortgage rates are currently very competitive. The bigger the deposit you have to put down, the better the mortgage rates you will be eligible to apply for. When choosing a mortgage, you can see which deals you might qualify for based on the size of the deposit you have by looking at what is known as the mortgage ‘loan to value’ (LTV). The LTV is essentially the size of the mortgage you are taking out relative to the value of the property. So, for example, if you were buying a flat costing £100,000 and you have a £5,000 deposit to put down, you’d need to look for mortgages with a 95% LTV, as you will be borrowing 95% of the property’s worth.You will need to factor in arrangement fees too, as these can sometimes substantially bump up the overall cost.


    Originally posted by Maria stanley
    Thank you, for this, what I am interested is real life experience and comparison.
    • Irenita
    • By Irenita 20th Apr 17, 4:06 PM
    • 5 Posts
    • 1 Thanks
    Irenita
    I have just had a mortgage approved after using Habito.
    The whole process was so easy, and great in the fact you can send messages to your broker form your phone etc when it suits. I even sent a message on a Friday night at 23:45, expecting to have a reply Monday morning - and the reply was at midnight - you don’t get that on the hight street.

    I’m a FTB and the whole process has been quick easy and so simple, and the mortgage broker I was paired with has been amazingly helpful.
    I would definitely recommend them from my personal experience over the past couple of weeks.
    Originally posted by TAWBristol
    Thank you, but could you please give us some real facts, please do not get me wrong, but you just registered on the forum and you are saying that Habito is great, but could you tell us why, and also have you used
    • Onlinemortgageadvisor
    • Landc
    • John Charcol ???
    Also why you have chosen Habit, it is because they number 1 in Google?
    Why you have not tried Onlinemortgageadvisor or Landc?
    • TimothyJohn12
    • By TimothyJohn12 20th Apr 17, 4:45 PM
    • 4 Posts
    • 1 Thanks
    TimothyJohn12
    Thank you, for copy pasting Your CTRL+ C / CTRL V technique is excellent
    • TimothyJohn12
    • By TimothyJohn12 20th Apr 17, 4:49 PM
    • 4 Posts
    • 1 Thanks
    TimothyJohn12
    I have just had a mortgage approved after using Habito.
    The whole process was so easy, and great in the fact you can send messages to your broker form your phone etc when it suits. I even sent a message on a Friday night at 23:45, expecting to have a reply Monday morning - and the reply was at midnight - you don’t get that on the hight street.

    I’m a FTB and the whole process has been quick easy and so simple, and the mortgage broker I was paired with has been amazingly helpful.
    I would definitely recommend them from my personal experience over the past couple of weeks.
    Originally posted by TAWBristol
    DETAILS please
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