Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.
The majority of mortgage lenders now allow consumers to apply for a mortgage online, giving borrowers much more choice when looking for an online deal.
Research carried out by Moneyfacts.co.uk found that of the 81 mortgage lenders in the UK, 68 allow mortgage applications to be carried out online. As well as having a wide range of mortgage providers to choose from including some of the biggest mortgage lenders in the UK consumers looking to apply for a mortgage online can select from among some of the most competitive deals in the mortgage charts.
Being able to apply for a mortgage online is not new, but the movement restrictions introduced to help combat the Coronavirus pandemic has helped to accelerate its adoption by both consumers and lenders. In fact, during the peak of social distancing, many lenders began introducing or broadening their use of automated valuations. These allow mortgage lenders to carry out valuations of properties without needing to see the home physically, however these valuations are usually not as accurate as those carried out in person. As such, automated valuations tend to be used by lenders making valuations for remortgages or for those new borrowers who have a high level of equity.
While remortgaging can be done relatively easily online, borrowers looking to purchase their first house or those looking to move home may find it more difficult to complete the full mortgage process online. This is especially the case for those looking for a mortgage at a high loan-to-value (LTV).
Halifax, for example, does allow borrowers to apply for mortgages online and will carry out automated or remote valuations, as well as enabling customers to upload all their income documents online. As well as this, the application can be completed via a video interview or over the phone. Still, first-time buyers and those looking to remortgage at a high LTV may struggle to complete the mortgage online, as Halifax does state that the completion of remote valuations is dependent on the LTV.
An option for first-time buyers or those looking to move home is to speak to a mortgage broker who will be able to provide advice on which lenders allow mortgages to be completed online.
“The mortgage market is reacting to a number of economic and operational changes at the moment, with updates to both products and to relevant criteria or requirements being made with great frequency,” explained Eleanor Williams, finance expert at Moneyfacts.co.uk.
“Brokers may be invaluable to many borrowers, especially those who deal with the whole of the market, as they should be well placed to keep up to date on what is currently available in terms of deals and different providers’ income and employment requirements.
“Applying for the right mortgage for your circumstances can be a daunting decision, but seeking qualified, independent advice may make navigating the maze simpler and easier.”
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Homeowners who have come to the end of their current fixed rate deal and have moved onto their lender’s standard variable rate (SVR) should consider remortgaging as it might reduce their monthly mortgage repayments
Homeowners who have come to the end of their current fixed rate deal and have moved onto their lender’s standard variable rate (SVR) should consider remortgaging as it might reduce their monthly mortgage repayments
Buy-to-let (BTL) remains an attractive investment opportunity for many investors, but when considering a BTL investment, it is important to factor in the costs of mortgage repayments on the property
Buy-to-let (BTL) remains an attractive investment opportunity for many investors, but when considering a BTL investment, it is important to factor in the costs of mortgage repayments on the property
With continued uncertainty around foreign travel, the UK-based holiday market is set to boom this summer and with new research showing that holiday let mortgage deals have bounced back to almost the same as what was available pre-pandemic, now could be a good time to invest in a holiday let
With continued uncertainty around foreign travel, the UK-based holiday market is set to boom this summer and with new research showing that holiday let mortgage deals have bounced back to almost the same as what was available pre-pandemic, now could be a good time to invest in a holiday let
Homeowners who have come to the end of their current fixed rate deal and have moved onto their lender’s standard variable rate (SVR) should consider remortgaging as it might reduce their monthly mortgage repayments
Homeowners who have come to the end of their current fixed rate deal and have moved onto their lender’s standard variable rate (SVR) should consider remortgaging as it might reduce their monthly mortgage repayments
Buy-to-let (BTL) remains an attractive investment opportunity for many investors, but when considering a BTL investment, it is important to factor in the costs of mortgage repayments on the property
Buy-to-let (BTL) remains an attractive investment opportunity for many investors, but when considering a BTL investment, it is important to factor in the costs of mortgage repayments on the property
With continued uncertainty around foreign travel, the UK-based holiday market is set to boom this summer and with new research showing that holiday let mortgage deals have bounced back to almost the same as what was available pre-pandemic, now could be a good time to invest in a holiday let
With continued uncertainty around foreign travel, the UK-based holiday market is set to boom this summer and with new research showing that holiday let mortgage deals have bounced back to almost the same as what was available pre-pandemic, now could be a good time to invest in a holiday let
Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.
I accept. Read our Cookie Policy