Getting a mortgage can be a huge hassle but there are a few mortgage brokers out there trying to make the process easier and more convenient by taking it online.
The latest to launch a new tech offering is This is Money’s own mortgage partner London & Country – the UK’s biggest independent broker.
Its online mortgage finder allows you to plug in your income and expenditure details, employment, and information about any savings or other assets you have by directing you through a series of questions and answers.
If there are any quirks in your application the system transfers you to chat online
Once you’ve filled in your details, the system searches thousands of mortgage deals from providers across the market and recommends the best one for you based on the information you provide.
That digital advice process can enable you to find the right mortgage, but for now all online recommendations will also be double checked by a fully qualified adviser so the customer can rest easy they’re getting the best possible mortgage for them.
If there are any quirks in your application the system transfers you to chat online with a mortgage adviser or you can choose to speak to someone over the phone.
The service pits L&C against the new breed of online mortgage start-ups, including Habito, Trussle and Dwell, which have all launched online chat bot style apps or websites over the past two years.
These offer varying experiences and for a comparison of each one, read our guide to online mortgage brokers here.
David Hollingworth, of London and Country, said: ‘In most cases we expect our customers will still want to have a conversation with an adviser but the digital application just gives them another option on how to manage the process.
‘Either they can fill in their details online themselves as and when is convenient for them, or they can speak to us and we can fill in that information for them.
‘For us, it’s not just about making the customer journey slicker online, it’s also fundamentally about offering good mortgage advice.’
The new system is designed to recommend a mortgage product to you given your personal circumstances, but Hollingworth says it might be that following a conversation with an adviser, they recommend a different product.
‘This service makes searching for a mortgage more interactive and means the rates you see are far more personalised than you’d get on a typical price comparison site,’ said Hollingworth.
‘We think it’ll be particularly useful for people who are maybe thinking about buying and want to understand exactly what they can afford to borrow and what their monthly payments will be.’
Once you’ve filled in your details, the system searches thousands of mortgage deals
The launch of its online service comes after credit rating agency Experian revealed it has bought a 25 per cent minority stake in London & Country last month.
Hollingworth added: ‘This investment means we are well placed to develop how we offer mortgage advice and continue improving our digital offering.’
While This is Money has partnered with London & Country because we think it offers a great value service, there are other mortgage broker firms offering a similar online service.
As mentioned above Trussle, Habito and Dwell, all offer online services while Nuvo is preparing to launch in the New Year offering mortgage advice through Facebook messenger.