Searching and securing the right home loan is often more work and more stress than people anticipate. Truth be told, it’s tedious, and can be troublesome if you don’t have much knowledge about mortgages and rates. While there’s plenty of information out there, it can be a real slog to get through it all. Property Wire reported that there has been a surge in mortgages available to small deposit buyers in the UK. Knowing where to look online, and which resources are worth your time, can save you a lot of hassle. It can also get you a better deal on your mortgage.

A Basic Approach to Finding an Online Mortgage

Getting a quote for a mortgage is easier than ever. While in the past you’d need to arrange an appointment with the bank to go and discuss your options (often at multiple banks), you can now get multiple quotes by simply filling in a form online.

There are a great many handy online tools that are specifically designed to allow you to calculate mortgage repayments based on how much you’re looking to borrow and what their rates are. You can complete the application online and wait for a response, saving a lot of time and effort.

Monitoring Rates

One of the great advantages of looking online is the ease with which you can see all the rates being offered by different brokers. There are numerous comparison sites which collect this information to make it easy to find, while checking the websites of the main banks will give you access to their latest mortgage rates. Keeping an eye on the rates and making a move at the right time could save you a lot of money over the course of your repayments. Websites like Mortgage News Daily have rate trackers that allow you to see this information in more detail.

Taking Things Offline

While it’s generally much easier to apply for a mortgage online, you’ll likely still have some direct contact with the bank at some point. It’s worth reading up on some of the more common terminology used in the industry to make sure you understand everything that’s being discussed.

Don’t be afraid to ask plenty of questions – you could be paying the loan back over 25 years, so it’s important to get everything right first time. Find out about things like the length of time you’ll get the introductory rate for, if there are any penalties for early repayment and anything else you may be curious about.

Finding What You Can Afford

Shopping around online gives you more time and less pressure to work out what you can afford to repay every month. You can take your time to look around, find out the rates and the anticipated monthly payments and work out how much you can afford to borrow and over how long.

When making your application in person there’s often some added pressure involved, and it’s possible to commit to something when you’re not entirely sure if it’s in your budget.

By checking online you may find you’re actually eligible for a bigger mortgage than you may have anticipated. Putting your income, deposit and a few other details in to the quote tools available on bank websites will give you a rough idea of what they can offer. This can change the kind of property you’re looking for, and the repayments may not be as high as you’d think.

Don’t Discount Professional Advice

While it’s far easier to shop around for mortgage deals online, there’s still a case to be made for working with an independent financial advisor. They may be aware of deals you won’t be able to find on your own, and can help you get the ideal mortgage for your circumstances.

While there may be a fee involved, it can often be the cheaper option in the long run if you’re not confident in finding a good deal.

Shopping for financial products has changed dramatically in the last decade, and it’s easier than ever to compare the various deals that are out there. Take your time, do your research and you’ll get a great deal!