When it comes to securing a mortgage to help you buy that dream home or switch to a more attractive rate, convenience and ease are key…
…and to help you secure the right mortgage there are a range of options you can choose from. One of the main factors to take into consideration when applying for a mortgage is the option of applying online or discuss this face-to-face with your local mortgage consultant.
Let's explore the pros and cons of online and in-person mortgage advice and delve into some key considerations to help you make an informed decision.
Appointments
An advantage of an online broker is you can apply for a mortgage anytime from the comfort of your own home.
Whilst this is very convenient, the appointment process follows an automated algorithm based on the information you input, so will lack the benefits of a two-way conversation which a face-to-face appointment brings. With the online process you don’t have the ability to ask tailored questions in the same way, which may be a challenge for those with unique circumstances and more complex queries.
Although our mortgage consultants aren’t available around the clock, instead operating within branch hours (including Saturdays), they will always endeavour to find an appointment at a time that suits you. In addition, you will be given access to My Account, a personalised tracker, where you can find the latest updates of your mortgage application any time of the day. For existing mortgage customers, you can also benefit from a free mortgage rate checker which tracks your mortgage 24/7, alerting you to changes in the market and highlighting any potential savings on your existing monthly payments.
Advice
A key difference between online and face-to-face mortgage appointments is the level of advice offered.
When applying online, without an expert physically there to offer you guidance and advice, you are left to complete your mortgage application independently using the prompts on screen. The strength of your application is therefore solely based on the information you provide, and no clarifying questions can be asked to ensure that the right information is being captured. Without face-to-face interaction, you are potentially missing out on expert opinions about which option is more suitable for your current circumstances. With a face-to-face appointment, you can ask questions and potentially receive additional tips to help you through your application process.
Another benefit of a face-to-face appointment is that the consultants are very aware of the lenders’ criteria, meaning that you won’t be wasting any time applying for products that aren’t suitable to you.
Personal interaction
When making what is arguably the biggest financial transaction of your life, face-to-face mortgage advice helps provide the reassurance that you are in safe hands, with the opportunity to ask questions, explain more complex situations and build a rapport, as you pave your way to homeownership. Some borrowers may feel uneasy about sharing sensitive financial information online, preferring the security of visiting a physical office.
Additionally, it can be more beneficial to you having a face-to-face conversation around more emotive subjects such as Life Insurance, Critical Illness Cover, Income Protection and preparing a Will, to help better understand the different levels of cover for your own personal needs.
Where to start?
The choice between online and in-person mortgage services ultimately depends on your individual circumstances.
While online platforms offer convenience and speed, traditional in-person services provide personalised advice and guidance that can be invaluable, especially for complex situations or first-time buyers. In addition, a face-to-face consultant could potentially save you time in the long run by helping the process move forward with the relevant teams, e.g. solicitors and insurance providers.
To get started on your mortgage journey, you can book a no-obligation face-to-face appointment with one of our friendly in-branch consultants here:
