Today, the rise of digital services means the internet is creating new solutions for customers who are looking for cheaper, faster ways to realise their dream of home-ownership.

Recently digital developments have made dramatic improvements in the mortgage brokering market. Tools have been created that save customers money and streamline the process of getting a mortgage; one such tool is Habito, the free online mortgage broker. Launched in 2016, their website is designed to bring mortgage brokering into the digital age. We run through what online tools such as Habito can offer, comparing their digital services to a traditional mortgage broker’s.

Traditional brokerage

The outdated offline experience of finding a suitable broker has typical wait times of two weeks before a handful of mortgage options are provided. The customer will then have to review and sign the extensive paperwork, while the broker charges fees for overseeing these tasks.

In addition to the lengthy legislative process, the customer’s access to service is often limited to short operating hours, and not every broker will provide one-to-one advice. Traditional brokerage therefore involves service charges and expenses, limited customer service, and extended waiting periods.

The Online Brokering alternative

Online mortgage brokers aim to streamline how the service works by providing a number of benefits to its customers. These include:

Saving time

While traditional mortgage brokers provide a handful of options after a wait of around two weeks, online services can provide a wide variety of choices and show the most suitable options to the customer within minutes. For example, Habito compares approximately 70 lenders and over 20,000 deals in total.

Unbiased advice

Online mortgage brokers organise impartial and unbiased deals. Sites like Habito offer consultants with expert digital mortgage advisers via live chat, to find the best offers and prices. Their wide range of options is designed to save customers money and provide a tailor-made, for each individual customer.

No charges

It’s no secret that mortgage brokers often charge inflated fees, and that customer service is often limited (office hours only, only if you pay a service fee, etc).

Online alternatives, on the other hand, are completely free and offer 24-hour support with no service charge. They will arrange personal conversations with a mortgage expert, alongside a web chat that provides instant advice or clarification. Habito’s mortgage experts are available 24 hours a day, seven days a week, so that you can get the guidance you need to proceed with confidence.

Reduced paperwork

Traditional mortgage brokers come with a heavy load of fee-laden paperwork which means hours of work for customers, plus service charges for the broker’s oversight.

Sites like Habito have organised their paperwork into small, manageable segments to make reviewing, checking and signing papers quick and easy. The 24/7 customer support also means any questions are answered immediately.

Getting started with online mortgages

To get started, a customer simply goes to their chosen mortgage brokering website, enters their details, reviews the terms and conditions, and signs up. The user is then provided with information on deals that are tailored to their requirements and situation. Digital mortgage advisers are available to give the customer help and advice on making the right choice.

Traditional versus Online

Traditional mortgage brokers are typically slow, with a two-week wait for information, availability only in working hours, and a heavy load of paperwork for clients. Customer service often involves extra surcharges, and in many companies, is extremely limited.

Online mortgage brokers like Habito are responsive and fast, and take minutes to review and search all available mortgage offers for customers. Customer service is offered 24-hours a day.

Customised searches allow for a mortgage deal suited to a customer’s situation and needs. Because of this, online mortgage brokering cuts expense and saves time, providing a streamlined solution.

Websites like Habito are spearheading a new, efficient system of mortgage brokering fit for the digital age.