Online mortgages in the UK

In the UK, we apparently work longer hours than anywhere else in Europe, which might explain why many of us feel that we lack enough hours in the day to see to personal affairs such as our mortgage.  Not having enough time or “too much hassle” are often the most common reasons why we postpone seeing to our mortgage and end up overpaying as a result.  With this in mind, it’s easy to see why the internet and the ability to apply for mortgages online has made a big difference to the UK mortgage market.

At first, online mortgage applications were limited to a few innovative lenders, but now nearly all the big lenders and most of the smaller ones – with a few still to jump on board – allow mortgages to be applied for online.  There is no more lengthy form-filling and waiting for the post to deliver the form to the lender.  Instead, you make an instant application and the ball gets rolling that much quicker – a feature which for many mortgage borrowers can make all the difference when time is of the essence.

One of the most interesting factors to arise in the wake of mortgages online is that many UK borrowers can now access enough information to lead themselves through the mortgage maze.  There is a whole host of information online, available at the touch of the button.  For example, on our website you can get up to speed with what’s happening in the industry with our press releases, read your way through our mortgage guides and articles, use our online mortgage calculators and check out some of the best buy mortgages available. 

The ability to access mortgage information online has given borrowers more choices and control than ever before.  Yet for some, the volume of information and options available can be overwhelming, which is why being able to call an expert mortgage adviser to run through the choices before applying can be invaluable.  To get an idea of how the process works, check out our real life Diary of a 41 year old remortgager.

Another effect that online mortgages have had is to increase competition amongst lenders, with the result of new products and competitive market-leading products – all good news for the UK mortgage borrower.  Supporting systems are also being improved constantly, with a focus on reducing time spent by the customer on form-filling, phoning to check progress and waiting on decisions to be made.  Some mortgage lenders are even beginning to introduce pre-populated forms personalised to the customer, based on previous information – which for someone buying several buy to lets, for example, is a great time-saver. 

Whilst many people enjoy doing their own mortgage research online, one of the largest benefits of talking to an expert mortgage adviser is that they can read through all the small print and inform you about any nasty elements which you might miss – for example, extended early repayment charges, higher lending charges etc.

At L&C, you can trust us to manage the process on your behalf: offer you expert advice, check the small print, ensure that the online application goes through promptly and trouble-shoot it all the way to completion.