There are heaps of sites on the internet from which you could apply for the latest mortgages on the web. Some promise amazing rates, but are they prudent to use?
This question breaks down into two parts:
1 - is it safe in that are you sure you are really going to get the best result?
2 - is it safe in that are your details prudent?
Well, in reverse order, we’ll look at the pure safety first. The answer to this is not easy. It all depends on how careful you are, where you are applying and so on. If you are applying for an online mortgage through your building society’s own web site, then you are practically without doubt prudent.
But, if you have merely turned up at a few random mortgage application web site, then we cannot be so certain. In all probability you are safe, but if you have replied to a spam email around low rates then suddenly the odds are stacked against you. By applying there you might find that instead of a good mortgage offer, your identity is stolen and all chances of future mortgages are gone.
Therefore, to be prudent, if there is a specific bank or broker that you know round and want to use then applying via them should be secure. But a random site is not so secure.
So what around the other side of safety - being certain that you are getting the best deal on the market?
Well the problem with applying on the internet is that again you do not always know who you are dealing with. Worst still, unless you are qualified you may not be applying for a mortgage in which you are eligible to the best interest rates and your application could end up with a surprise rate that is a load higher.
To get the best rate that is available to you, you must not only be able to read the top 10 charts but also have an intimate knowledge of the local mortgage products and understand which of the lenders are most potential to want to offer you a good deal and where to go to get that deal.
Also, this information could change by the day, just to make it that little bit more impossible!
So you might find that the best rate that is available to you is hidden away somewhere, possibly even part way down the comparison charts, rather than in the top slots, which are not eligible to you because you aren’t paying enough of a deposit or your credit rating is less than the bank demands.
So, in summary, is it prudent to apply online? Well if you go to a web site that you do not know then you might have your identity stolen. Or you might find that you are not really comparing all of the mortgage offers that are available to you and end up paying over you really ought to be paying for your mortgage.
So personally, I would always be certain that that I am speaking to a professional advisor who is qualified to look after my needs and registered with the appropriate professional bodies! Contact them on the internet first by all means, but check them out before giving too much detail!
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