Habito vs Trussle vs Dashly ‒ free online brokers that help you get a mortgage

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When it comes to finding a mortgage, most of us don’t do it alone. Instead we turn to a mortgage broker to help us source the right loan.

There are plenty of different reasons we might want to do this.

There’s the simple matter of confidence ‒ most people, understandably, aren’t experts on the world of fixed rates and early repayment charges.

That means signing up the services of someone who does know what they are doing means you’ll feel more relaxed about the loan actually meeting your needs.

There’s also the fact that some lenders only offer their deals through brokers ‒ they don’t deal with borrowers directly. So using a broker means you get access to deals you can’t get otherwise.

Traditionally signing up with a broker meant face-to-face meetings to discuss your situation, with a fee charged for their advice.

But these days it can all be done online – and without you needing to pay a fee either.

Trussle

Online brokers help borrowers find the right deal at a time that suits them.
Online brokers help borrowers find the right deal at a time that suits them

 

Trussle was set up after the founder, Ishaan Malhi, was frustrated by his own experiences when trying to buy a property.

You go onto the site and set up a profile, based on your own situation and what you’re looking for. The firm’s technology then kicks in, searching through around 12,000 products on offer from the 90 lenders it works with to try to identify which products might work for you.

It still has a bunch of brokers in the background, which it calls ‘mortgage experts’, who are there to step in, help find the right deal and get the deal closed.

That means there’s human on the other end to take you through question you might have and help out with forms to fill in.

You can talk to them in a way that suits you, whether that’s over the phone, by email or through live-chat, and Trussle also offers a ‘mortgage monitoring service’ to keep you informed on when it’s time to remortgage over to a new deal.

The service is entirely free for the customer.

Trussle makes its money from the introduction fees lenders pay all mortgage brokers, though it emphasises that as its ‘experts’ aren’t paid commission based on your choice of lender, you won’t be steered towards using a less suitable lender.

Habito

Habito promises to tell you if you'd get a better deal going direct.
Habito promises to tell you if you’d get a better deal going direct

Another big name in the world of mortgage robo-advice is Habito , which also uses algorithms to work out which products are best for you.

Habito works with 90 lenders, but reckons it scans through 20,000 separate mortgage products to find the right deal.

It also makes a point of highlighting that if it finds that you’d be best off going direct to a lender, rather than using its service, it will tell you to do so.

Users get their own dedicated mortgage ‘expert’ (that word again), who will keep them updated on how their application is moving along. You’ll be able to speak to them over the phone or through livechat.

Again, it was set up after the founder nearly lost out on a property thanks to how lengthy the traditional mortgage process can be.

Habito doesn’t charge a fee for its service, instead relying on those procuration fees paid by lenders when you take out a deal with them.

MortgageGym

Brokers pay a subscription to be a MortgageGym expert that you can go to in order to find the right deal.
Brokers pay a subscription to be a MortgageGym expert that you can go to in order to find the right deal

A slightly different proposition is MortgageGym .

Individual mortgage brokers subscribe to be a MortgageGym ‘expert’ (yep, again), and are there to help you identify the right deal and sort out your application, once the firm’s tech has worked its way through the products on offer from 50 different lenders.

There’s no fee for borrowers, though the broker you end up working with will pocket the referral fee from the lender you use.

The firm emphasises that it carefully vets all of its brokers, while its partnership with credit rating agency Experian means it can provide some initial ‘mortgage matches’ within 60 seconds.

Once you’ve filled out a more detailed profile, it can then give you more tailored product suggestions.

Dashly

Dashly checks the details every day

Dashly is another twist on the idea. Its tech analyses the market ‒ and your personal circumstances ‒ on a daily basis. If it reckons it has spotted the chance for you to save some money, it will then be in touch.

You can use your own broker to get a second opinion on whether it’s something worth proceeding with, or speak to a fee-free Dashly broker.

As with Habito and Trussle, the firm makes its money through its advisers getting procuration fees from lenders, meaning you aren’t ever charged for the advice.

But it’s an interesting alternative, offering the option of working alongside your existing broker should you have one, rather than replacing them outright.

Traditional brokers going online

Plenty of traditional brokers now offer some form of online service, though they are less reliant on algorithms - and may still charge.
Plenty of traditional brokers now offer some form of online service, though they are less reliant on algorithms – and may still charge

It’s also worth noting that increasing numbers of more traditional mortgage advisers are moving at least part of their service online in a bid to compete with these tech-based firms.

London & Country for example made its name as a fee-free broker offering advice over the phone, but launched an online mortgage application tool at the tail end of 2017.

Others, like Coreco , flag up a host of ‘best buys’ on their website, and then invite you to get in touch by email or arrange a phone call to discuss whether the deal really does meet your needs.

Realistically, this is only likely to continue, but there will always be a demand for the personal touch when it comes to arranging a mortgage, rather than sorting it all online.

While you might be comfortable taking out a credit card or insurance deal online, a mortgage is the biggest debt you’ll ever have against your name.

As a result plenty of people will always feel more comfortable discussing that in person rather than rely on an algorithm and an ‘expert’ at the other end of a live chat facility.

Read More

Schemes to help First time Buyers get on the ladder

 

Finding the right mortgage isn’t the only worry for would-be buyers though. As we revealed this week, there are three things that are stopping house prices from crashing , making them more affordable for the many buyers who simply can’t afford to get onto the ladder currently.

It’s also worth remembering that there are certain myths around what sort of insurance you need alongside a mortgage, that millions of us fall for .

Finally, if you need a helping hand with purchasing a property, there are certain ways that mum and dad can support you, without them having to actually give you any money .



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