Purchasing a home is likely one of the biggest financial investments you’ll make in your life. Taking out a mortgage makes homeownership possible, but the process of getting a mortgage can be complex and overwhelming. Using an online mortgage broker can simplify the process by helping you research options and identify deals you may not find on your own.
This detailed article reviews the top online mortgage brokers in the UK for 2023. It clearly explains the key benefits brokers provide and outlines the leading brokers to consider. Additionally, it provides detailed answers to common questions those new to using brokers may have. With this information, you can better understand how an online broker can assist you and choose the right one for your specific mortgage needs.
Online Mortgage Brokers
An online mortgage broker is a service that enables you to search, compare, and apply for home loans completely online. These brokers have relationships with multiple lenders and can provide mortgage options from across the market. Their websites allow you to research and identify suitable mortgage products for your situation.
The broker does the legwork of gathering paperwork, submitting your application, communicating with lenders, and facilitating the approval process. Essentially, the mortgage broker does the hard work for you so that you can get mortgage offers without having to directly engage with multiple lenders yourself.
Benefits of Using an Online Mortgage Broker
There are several key advantages to using an online mortgage broker:
- Access to more mortgage choices – Brokers work with a wide range of lenders, giving you more options to choose from. This includes exclusive products not directly advertised.
- Expert assistance – Brokers are knowledgeable about home financing options and lending criteria. They use this expertise to assess your financial situation and match you with mortgage deals you’re likely to qualify for and suit your needs.
- Paperwork handling – The broker gathers needed documents from you, completes application forms, and communicates with the lender so you don’t have to coordinate this yourself. This saves you time and hassle.
- Convenience – The ability to research, compare, and apply for mortgages completely online without having to schedule in-person appointments with banks.
- Potential savings – Their market expertise may help you find lower interest rates or fees than you could access researching deals directly as an individual.
- Demystifies the process – Brokers explain complex mortgage terminology, answer your questions, and simplify the often confusing mortgage process.
While using a broker has many benefits, be sure to compare multiple brokers, as their services, fees, and lender relationships can vary significantly.
Top Online Mortgage Brokers in the UK
Based on factors like services offered, broker fees, lender relationships, and consumer reviews, here are the top online mortgage brokers in the UK to consider for 2023:
- L&C Mortgages
- Habito
- Trussle
- Mojo Mortgages
- Mortgage Advice Bureau
- Online Mortgage Advisor
- GetAdviceOnline
Let’s explore each of these top brokers more in depth:
L&C Mortgages
- Provides access to over 11,000 mortgage products, the largest broker range
- Works with over 90 lenders, including exclusive relationships
- Offers exclusive mortgage rates you can’t get going direct
- £0 broker fee makes it an affordable option
- User-friendly site and streamlined application process
L&C Mortgages offers an extensive product range combined with low fees, making them a top choice for sourcing competitive deals.
Habito
- Initial digital fact find then assigned a human advisor
- Refundable £895 broker fee if your mortgage completes
- Track live daily mortgage rates online via their website
- Access to exclusive mortgages not available directly
- Phone, email, and video communication with your advisor
Habito combines digital convenience with helpful guidance from a dedicated personal advisor.
Trussle
- Fully online fact find and application process with no broker assistance
- Uses algorithms to recommend the most suitable mortgages for you
- Integrated eligibility check provides instant decision in principle
- £0 broker fees
- Fast, completely paperless application process
Trussle focuses on technology and speed, ideal if you want a minimal human touch.
Mojo Mortgages
- Combines online application with dedicated broker assistance
- Fixed broker fees starting from £299
- Access to mortgages from over 90 different lenders
- Provides access to exclusive discounted mortgage rates
- Useful mortgage eligibility checker
Mojo offers digital efficiency with the option of personalized one-on-one broking.
Mortgage Advice Bureau
- National network of over 1,500 qualified mortgage brokers
- Long-established broker founded in 1992
- Get an initial online estimate, then speak to an advisor for tailor-made recommendations
- Advisors provide personalized recommendations based on your needs and circumstances
- Access to 11,000+ mortgage products across the market
Mortgage Advice Bureau combines online convenience with human expertise.
Online Mortgage Advisor
- Fully online fact find and application with dedicated broker
- Your broker provides personalized product recommendations
- Apply online 24/7 with fast turnaround times
- Track your mortgage case progress through their online dashboard
- Fixed broker fee of £299
- Phone, email, and web chat support
Online Mortgage Advisor offers around the clock accessibility to online broking services.
GetAdviceOnline
- Fast, streamlined full online mortgage application process
- Mortgage eligibility checker shows if you may qualify in minutes
- £0 broker fees make it a budget-friendly option
- Provides access to exclusive mortgage deals not available directly
- Works with a panel of over 90 mortgage lenders
GetAdviceOnline focuses on speed, affordability, and convenience as a broker option.
Questions to Consider When Choosing a Broker
When selecting an online broker, some key questions to think about include:
- Do you want a completely digital process or access to human advisor guidance?
- How wide of a range of mortgage lenders and products do you need your broker to have access to?
- Is getting access to exclusive discounted mortgage deals a priority?
- How important are low or no broker fees to you? Are you willing to pay higher fees for enhanced service?
- Do you need a broker experienced with specialized mortgage types like bad credit or self-employed?
- What communication channels (email, phone, chat, video call) does the broker offer and which do you prefer?
Thinking about these factors will help you find the broker that best aligns with your priorities.
Answering Common Online Mortgage Broker Questions
If you’re new to using an online mortgage broker, here are detailed answers to some commonly asked questions:
Are mortgage brokers regulated?
Yes, legitimate mortgage brokers must be authorized and regulated by the Financial Conduct Authority (FCA). This provides protection and recourse for the consumer. Verifying your broker is FCA approved ensures they follow compliant processes.
Do brokers have access to special deals I can’t find myself?
Yes, online mortgage brokers often have access to exclusive mortgage rates you won’t find by going direct to lenders. These special deals are typically offered to brokers for directing a certain volume of business to the lender. Access to these exclusive cost savings is a major benefit brokers can provide.
Is the application process quicker than applying directly?
In most cases, yes. Online brokers provide a faster and more streamlined mortgage application process compared to applying yourself directly to multiple individual lenders. They handle gathering and submitting documents on your behalf to speed things along.
Should I still compare mortgage rates directly from lenders?
Absolutely. Even though brokers access exclusive deals, you should still compare the rates your broker can offer with current rates you find by researching lenders directly. This ensures you get the most competitive deal based on the full market.
What are typical broker fees?
Broker fees can range from £0 upfront to over £500. Some charge percentage fees based on the mortgage loan amount. Others charge fixed fees around £299-£395. Many charge no upfront fee but are paid by lenders based on completed mortgages. Understanding their fee structure is important.
Can I complete the process without computer skills?
Since the application process is entirely online, having limited computer skills could pose some challenges. You may need a tech-savvy friend or relative to assist if you struggle with online forms and applications.
Tips for Using an Online Mortgage Broker
Once you choose a broker, here are tips to get the most out of their services:
- Provide complete and accurate financial details so they fully understand your situation to match you accordingly.
- Don’t hesitate to ask plenty of questions to understand fees, lender criteria, and the broker’s responsibilities.
- Compare recommendations from multiple brokers – the first option presented may not be the optimal deal.
- Check online reviews for common complaints or issues raised by other customers of the broker.
- Request detailed mortgage illustrations to clearly see projected monthly repayments and total costs.
- Verify the broker is FCA authorized for legitimacy and consumer protections.
Conclusion
Finding the right mortgage is complex, but online brokers simplify the process through market expertise, exclusive product access, and streamlined digital service. This guide has outlined the top online mortgage brokers in the UK, the value brokers provide, and what to consider when choosing one. Taking the time to compare brokers aligned with your priorities will ensure you find the right fit.
