The holiday let mortgage has well and truly checked in

Friday, 7th September, 2018
holiday home mortgage

Buy to let mortgages for short-term holiday lets are no longer just a seasonal thing. In fact, it would seem that they’re here to stay – whatever the weather.

Until recently, lenders have tended to prefer to award a buy to let mortgage to those with plans to let out their property on a long-term basis and not the short-term. This has now changed – particularly in the wake of companies like Airbnb, which have transformed the holiday accommodation sector.

However, as we approach the end of summer, and as many of us get back to normality after enjoying what has been the finest summer we’ve had in years, there will no doubt be a selection of people looking to buy a UK holiday home – and who may already be considering a holiday home mortgage.

The good news is that holiday home mortgages are now more accessible than ever and this, combined with high short-term holiday rental yields, makes owning – and letting – a holiday home an appealing prospect.

According to the Residential Landlords Association, seven per cent of landlords are moving their properties from long-term to short-term lets – a factor that has undoubtedly been prompted by changes in tax relief on buy to let properties.

As furnished holiday lets are treated as businesses and not investments they are taxed differently, which enables those who have a mortgage on a holiday let property to qualify for entrepreneurs tax relief and even claim the cost of furnishing the property!

The recent shift in attitude towards Airbnb by lenders has also changed things considerably. Beforehand, borrowers had to request permission from the lender to let their property out on a short-term basis and many lenders ruled it out completely. However, the mortgage market is moving forwards and against the backdrop of recent tax changes to buy to let properties, the short-term let mortgage is gaining popularity.

Whilst we can’t advise on the tax implications of arranging a holiday let mortgage, as a Guildford mortgage broker we certainly can advise on the right mortgage that could help you to not only own your dream holiday home, but also potentially make a nice profit on it, too.

To speak with a Guildford mortgage specialist contact the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk. One of our buy to let mortgage experts will be able to talk you through your options and find a short-term buy to let mortgage that suits you. We’re also specialists in standard buy to let mortgages, limited company buy to let mortgages and commercial mortgages, too.

By Mark Finnegan, Director at Complete Mortgages


How to increase your chances of getting a mortgage – part 2

Friday, 10th August, 2018
mortgage broker

Following on from part one, which you can read here, part two continues with some of the more standard tips and pitfalls to be aware of – as well as presenting some of the mistakes which have had negative consequences for those applying for a mortgage in the past.

1. Bad form is to not correctly fill in your form

If you’re using a mortgage broker, then this is less relevant as they should be handling – and checking – the paperwork on your behalf. However, if you do decide to go it alone with your mortgage application, fill everything out in full – including your entire name. Don’t round up income figures, do make sure that your address history is accurate and always give honest answers about your spending habits. More importantly, declare any debts; not doing so could lead to being instantly declined for a mortgage.

2. Don’t put off until tomorrow what you can do NOW!

When it comes to gathering paperwork, we’re all guilty of a bit of procrastination and hoping that the omission of the odd document here and there won’t be a problem. However, when it comes to getting a mortgage, getting the application right first time is well worth the effort. Our advice is to get everything you need together in one go. Examples include: bank statements for the last three months; last three months’ pay slips, latest P60, any evidence of bonuses, and, if you’re self employed, your last three years’ worth of accounts and tax returns.

3. Stay out of your overdraft

Being in the red creates a black mark – on your credit rating. It also implies that you’re unable to manage your own money and spending. Make every effort to stay within the confines of your own budget and give the lender fewer reasons to say ‘no’ to granting a mortgage.

4. Light-hearted bank statement pranks may lead to heavy consequences

As tempting it as might be when paying a friend back for a set of concert tickets they bought to leave something cheeky or crude in the ‘reference’ field, think twice before you do it. Whilst it may be funny in the heat of the moment, it leaves a record that might not have the same impact on the lender reviewing your case. As funny as it might be at the time, out advice is to save the gags for the pub.

5. Don’t take a gamble on your mortgage

This one probably should be obvious – but it’s often overlooked. A regular transaction made at high street or online gambling companies doesn’t look particularly good and sends alarm bells ringing. Our advice, given how we’re not betting people, would be to put any money you were going to gamble towards a deposit on your property.

6. Big cash deposits can lead to big problems

The odd irregular cash deposit from or to a friend isn’t a problem, however if these payments regularly appear on your statement then it could be flagged and questioned by the lender. If the topic of money laundering isn’t called into question then any payments may be viewed as financial commitments. Either have explanations for each and every significant payment, or try to reduce the amount of irregular payments you either make or receive.

For many, getting a mortgage is a minefield. Why not let Complete Mortgages, a mortgage broker in Guildford, do it on your behalf? From first time buyer mortgages and buy to let mortgages, to commercial mortgages and more specialist mortgages, we can help. Call us on 01483 238280 or email info@complete-mortgages.co.uk to find out how we can help you.


How to increase your chances of getting a mortgage

Saturday, 28th July, 2018
guildford mortgage broker

Firstly, this isn’t a cheat or a piece that advocates – or even encourages – you to try and pull the wool over a mortgage lender or broker’s eyes, and that’s for the very simple reason that it’s impossible and won’t work.

You will not be able to trick a lender into giving you a mortgage or awarding you with the best mortgage deal.

However, just as an athlete prepares for an event, there are a number of things that you can do to help get you mortgage fit. Here are a few pointers to get you started.

1. Score points with your credit score

One way a lender can check if you have what it takes to repay your mortgage and honour your commitment is to check if you have good credit history.

In general, your credit report is what it is and made up of a number of sources including credit card history, loans taken and overdrafts used.

Before you apply for a mortgage it’s worth checking to make sure it’s a) up to date and b) correct.

If you spot anything glaringly inaccurate then at least you have the opportunity to fix it in the short term before it scuppers your chances long-term.

2. No vote, no chance

If you’re not registered to vote than you’re unlikely to get a mortgage. This one’s really easy to prepare for, too. If you’re going to fall down at one of the hurdles then don’t let it be this one. Click here to register to vote.

3. Don’t let the past affect your future

Joint current accounts, loans and other commitments carry joint responsibility. If you’re linked to any of these via an ex-partner – and the ex-partner has defaulted on a payment or done something that would have a negative consequence – then you’re going to be affected, too.

The best way forward in this instance is to check if you’re still linked in any way and, if you are, get yourself disassociated.

4. Be careful with your credit

Just because you have a credit limit of £12,000 doesn’t mean you need to spend £12,000 on credit. At least that’s the view of lenders, who would typically prefer your overall credit card debt to be no more than 50 per cent of the amount available (the lower the better).

When it comes to credit card debt, then it’s better to pay it off – however don’t leave yourself with zero debt and huge credit limits; lenders worry that you may one day go one a huge spending spree!

5. Be diligent with your admin

We’ve all had accounts that we don’t use and rather than close them down, we’ve simply cut the associated cards up and thought that that was it.

Having multiple bank accounts open with nothing in them isn’t advisable, especially if the details attributable to those accounts are out of date and could be disadvantageous to you.

6. Don’t apply for credit just before you apply for a mortgage

The more credit searches you have on your file in a short space of time, the more chance a lender has of thinking you’re in desperate need of credit – even if you’re not.

We would advise that you get a mortgage before you get the new car!

7. Bills don’t pay themselves

So make sure you pay yours – on time.

Not paying a bill on time stays on your records for six years, so don’t let an innocently missed payment result in a missed mortgage offer.

8. Use a mortgage broker

This one really is simple.

As a Guildford mortgage broker, we see people battling with mortgage applications on their own day in, day out, all when they could let us do the legwork on their behalf. As mortgage brokers do this every day and know what’s required (and, importantly, what’s not) they can simply fast-track the process.

Why waste your time when you can hand it over to a professional!

If you’re thinking of applying for a mortgage, or if you’ve been struggling to get a mortgage, contact the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk. We can help with first time buyer mortgages, buy to let mortgages, commercial mortgages and adverse credit mortgages.

By Mark Finnegan, Director at Complete Mortgages


Are interest only mortgages good or bad?

Tuesday, 3rd July, 2018

Interest-only mortgages are a bit like life. They’re not simply all bad or all good, they’re not clear-cut and they’re often right for some people, but not others.

However, from recent reports that suggest that the interest only mortgage is making its comeback, you could be forgiven for thinking that UK homeowners are about to revert to the pre-crash days and readopt the interest-only approach to home ownership.

In fact it wasn’t that long ago that interest only mortgages were commonplace.

It was only the financial crisis of 07/08 that provided what is now seen as a much-needed reset. Up until that point, people were applying for a mortgage on the strength of what they said they could afford as opposed to what they really could afford.

What made this palatable was that house price growth created a safety net as interest-only homeowners were banking on significant equity growth to pay down their mortgage when the time came. However, given the slowdown in property growth over recent years, this is less of a dead cert.

So what’s the difference this time, then?

Well, first of all a little context is needed. Data recently published by Moneyfacts, the financial analyst and comparison site, has revealed that 33 lenders now offer interest only mortgages – up from only 12 offering the product in summer 2013.

However, as stated by a Moneyfacts finance expert in a recent interview with industry title Mortgage Strategy, there were 73 lenders offering interest only mortgages back in June 2008, which reveals we have a long way to go before we reach those levels.

Furthermore, unlike days of old, to apply for an interest only mortgage today you have to have a low loan to value ratio – something that rarely got in the way of a deal pre-crash and certainly before the introduction of the Mortgage Market Review, which resulted in a severe tightening up of the mortgage market after it was put in place.

Yes, interest only mortgages seem to be gaining ground once again – however this type of interest only mortgage seems reserved for those who aren’t banking solely on property growth to pay for their mortgage decades down the line, as you will need to have a repayment strategy in place at the outset that is acceptable to the lender. Evidence also suggests that in addition to a large deposit, those looking to get an interest only mortgage will also need to earn a large salary.

Back to the original question, then: are interest only mortgages good or bad?

As a Guildford mortgage broker that has witnessed the ups and downs of the mortgage market both pre and post-crash, I’ll say that it completely depends on the individual’s circumstances. And for that reason, we would always advise that anyone thinking of applying for a mortgage – of any kind – appoints the best mortgage brokerage they can to help guide them through that process and provide that peace of mind.

If you’re considering applying for an interest only mortgage contact a member of the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk. Remember, we also specialise in buy to let mortgages, commercial mortgages, adverse credit mortgages and limited company buy to let mortgages, too.

By Mark Finnegan, Director at Complete Mortgages


How to remortgage

Tuesday, 13th February, 2018

2018 is the year of the remortgage.

If you didn’t read my last piece and are wondering why 2018 is any different to 2017 – or any other year for that matter – then read on.

Going up? 

Nobody knows when or even if interest rates will go up in 2018, however there is much talk and speculation that the Bank of England could raise the Base Rate of interest by up to 0.50% at some point this year.

To put this into context, it would mean that someone on a variable rate mortgage borrowing £200,000 would face up to a £600-a-year increase.

Getting the most from your mortgage 

First of all, and despite what you may think, arranging a new mortgage is really straightforward – particularly if your mortgage broker is handling it on your behalf.

As a Guildford mortgage broker we see it all the time; people resisting remortgaging due to the perceived ‘hassle’, only to be pleasantly surprised when it’s all done and dusted without much effort on their part.

Here are Complete Mortgages’ top tips on remortgaging to get you started:

1. Dig out your paperwork 

Having an understanding of how much is outstanding on your mortgage, the mortgage term and any fees attributable with changing your mortgage will make it easier to navigate any questions that you will inevitably have to answer.

2. Know what you spend 

The process of getting a mortgage has changed over recent years, in as much as lenders now want to see clear evidence of your outgoings and, more importantly, your ability to comfortably make the mortgage repayments. Having some idea of what you spend on a monthly basis in advance will save time to-ing and fro-ing.

3. Do your homework

It may sound obvious, but take some time to find out what mortgage products are out there. New mortgage products are entering the market all the time, so make sure you pick the right mortgage for you and your lifestyle. More importantly, make sure that you’re set to benefit from a mortgage switch and that any financial gain from a new mortgage isn’t wiped out with exit fees from your existing mortgage.

Is there an easier way of doing this?

Of course there is. Using a trusted mortgage broker, such as Complete Mortgages, will save you a lot of legwork, time and possibly a bit of heartache, too.

If you let us handle your remortgage we’ll not only manage the entire mortgage application process on your behalf, but we’ll also spend the time finding the right mortgage for you, from the hundreds available (including the many broker exclusives that we have access to). What’s more, depending on the product chosen, there may not even be a fee for you to pay at all.

See, remortgaging really isn’t as difficult as you might think.

Contact the team on 01483 238280 or email info@complete-mortgages.co.uk to find out more. Even if you’re not looking to remortgage, don’t forget we’re also specialists in buy to let mortgages, limited company buy to let mortgages, adverse credit mortgages and commercial mortgages, too.

By Mark Finnegan, Director at Complete Mortgages


New Year, New Mortgage (but don’t leave it too late)

Monday, 29th January, 2018

Now that the New Year is fully underway, we’re urging our clients to start taking steps towards getting a new mortgage.

Whilst there are still a few lenders that are yet to increase their rates in line with the recent interest rate rise, the majority have already done so. Now, if you’re on a fixed rate mortgage then this won’t affect you.

However, if you’re currently on the standard variable rate (SVR) – or are about to enter the realms of the SVR – then this may be of interest.

1. Some lenders still haven’t raised their rates

For those who haven’t been thinking about their mortgage and what the interest rate rise means for them over the last few weeks, there’s still time to switch to a pre-interest rate rise mortgage deal – but you’d better be quick.

2. Beat the New Year rush

Whilst 2018 is in full swing, it can often take a few weeks before people start to really think about their next mortgage move. In fact, sometimes it’s February before the mortgage market really gets going. Put simply, if you act fast we can get you ‘mortgage-ready’ before everybody starts to want to do the same thing.

3. To rise or not to rise

There is already speculation that the next interest rate rise could come as early as May 2018, which means that if you haven’t already noticed the difference to your monthly mortgage repayments, then you may well do if the next interest rate rise comes as early as spring.

As a Guildford mortgage broker that has been in business since 2005, we’re still amazed to see the reaction on our clients’ faces when we explain how easy it is for them to remortgage. It’s even easier if you let a reputable mortgage adviser manage the process on your behalf.

So, if any of the three points raised here are relevant to you and you feel that you’re ready to remortgage – or at least you’re thinking about remortgaging in 2018 – then call us so that we can get your mortgage application underway.

Even if you aren’t looking to remortgage and simply need to arrange a mortgage, either for the first time or on a new property, then call us on 01483 238280 or email info@complete-mortgages.co.uk.

Remember, we also specialise in buy to let mortgages, commercial mortgages, limited company buy to let mortgages, equity release mortgages and adverse credit mortgages.

By Mark Finnegan, Director at Complete Mortgages


Three reasons to use a buy to let mortgage broker

Monday, 6th November, 2017
buy-to-let mortgages

The buy-to-let mortgage market is booming – but not necessarily in the way you might think.

In fact, it’s taken quite a pounding over recent years. The first attack came when George Osborne, in his role as Chancellor, announced the phasing out of tax relief for landlords. The second, also a ‘blow’ by Osborne, came in the form of stamp duty surcharge on additional properties.

The result? The jury’s still out, however the repercussions seem to be a combination of landlords with high LTV mortgages releasing some of their properties back on to the market and existing landlords raising their rent.

Yet recently released figures suggest that buy to let mortgages are far from over.

According to Moneyfacts*, there has been a seven per cent rise in the number of buy to let mortgage products to enter the market, taking the total to 1,735 – the highest number of mortgages for landlords since the heady, pre-crash days of 2007.

It also makes choosing the right buy-to-let mortgage increasingly difficult.

So, as increasing taxes don’t seem to be putting off would-be landlords from entering the market – and following our recent ‘five reasons to use a mortgage broker’ article – we thought we’d outline three key reasons to consider using a buy to let mortgage broker.

1. Time is money

As a mortgage broker in Surrey, a county with a large share of buy to let landlords, we are in a continuous cycle of appraising new buy to let mortgage products in the context of our clients’ needs. Of course this is hugely time consuming – however it’s our job. You, on the other hand, may not have the time required to separate the wheat from the chaff and sift through this growing glut of deals.

By getting a buy to let mortgage broker to do the legwork and find a deal based on your personal requirements – all of which would have been established during an initial consultation – you are able to save yourself huge amounts of time by only having to deal with a shortlist containing the best-of-the-best deals.

2. Mortgage brokers are mortgage experts

If you’re looking to sell your property, you’ll no doubt commission an estate agent to sell it. If you have a problem with your roof you’ll consult a roof specialist. Similarly, if your car’s not working, you will probably visit a mechanic. We can’t all be experts in everything – there simply isn’t enough time. We don’t claim to be property experts, nor can any member of my team (myself included) fix a car, but we are experts in arranging a mortgage for our clients. If you want to save time and benefit from expert advice, then use a mortgage broker with a good reputation.

3. Not just any mortgage

Those of you that already have experience of getting a mortgage – either independently or though a mortgage adviser – will know that there is a lot of ‘crossing the Is and dotting the Ts’. With buy to let mortgages, there is even more.

Not only that, but a good mortgage broker can help advise you with regards to making sure the numbers stack up (i.e. the mortgage you secure works in tandem with the rent you plan to charge). The difference between 1% on your mortgage rate here, or a potential/hidden charge there, can make a serious impact on your profit. An experienced buy to let mortgage broker will be able to review this in relation to your own requirements very quickly and make sure that you get the right deal for your circumstances.

Cut through the buy-to-let mortgage ‘noise’ and contact Complete Mortgages on 01483 238280 or email info@complete-mortgages.co.uk. Remember, we also offer specialist mortgages including commercial mortgages, self-employed mortgages and adverse credit mortgages.

By Mark Finnegan, Director at Complete Mortgages

*https://www.ftadviser.com/mortgages/2017/09/12/number-of-buy-to-let-deals-at-10-year-high/


Mortgage wars: a battle that shouldn’t be fought on price alone

Wednesday, 13th September, 2017

The Telegraph recently published a story that focused on the ‘battle for mortgage customers’ and the intensification of a war that is seeing lenders cut both their rates and penalty fees.

As a Guildford mortgage broker, Complete Mortgages feels and acts on the launch of each and every new mortgage product and the fluctuation of rates associated with those that already exist on a daily basis; indeed, it is our job to do so.

However, our view on the language used by the national media that places home buying in the context of a war – and the portrayal that the mortgage market is an arena in which only the cheapest product and lender will win – is bad not only for the mortgage industry, but also those applying for a mortgage.

Firstly, it’s important to highlight that the cheapest mortgage isn’t necessarily the best mortgage.

Evidence suggests that the average rate of two and five-year fixed mortgages has significantly decreased over the last seven years, and that’s undoubtedly a good thing. The more competitive lenders are, the more attractive their mortgage products become.

However – and this is very important – not everyone’s circumstances are the same. So, whilst a five-year fixed mortgage may be ideal for candidate A, it may not be so effective for candidate B.

Simply distilling mortgages and the mortgage application process down to a price war – something more akin to inexpensive consumer products such as bread and milk – doesn’t take into account the nuances surrounding each individual’s lifestyle and financial position.

It could also panic those looking for a mortgage into running headlong into a mortgage deal that may not necessarily suit their needs in the long (or even short) term.

The same Telegraph article suggests that lenders are already braced for a surge in new applications as a wave of existing fixed-term deals come to an end this autumn.

If this surge of applications originates from mortgage applicants who are well informed then we fully support that – but finding a mortgage broker who can guide you through the process and establish the right mortgage for you before you commit to anything should be your first port of call.

As an award-winning mortgage broker, our recommendation to those looking to secure a mortgage – or remortgage – is to seek professional mortgage advice; advice that treats a mortgage for what it is, which is a long-term commitment and not a simple day-to-day purchase.

If you’re looking at getting a mortgage – or remortgaging – this autumn then don’t get caught up in the bottleneck. From specialist self-employed mortgages and commercial mortgages through to first time buyer mortgages and adverse credit mortgages, Complete Mortgages can recommend a mortgage to match your own personal circumstances.

Contact us on 01483 238280 or email info@complete-mortgages.co.uk for an insightful, thoughtful and expert view on the current mortgage market – and a professional opinion on where you might fit within it.

By Mark Finnegan, Director at Complete Mortgages


Five reasons to use a mortgage broker

Tuesday, 22nd August, 2017
mortgage broker

Regular readers will know that we tackle pretty much every topic related to applying for a mortgage; from the actual mortgage products themselves (buy to let mortgages, commercial mortgages, residential mortgages etc.) to the legislation and changes in rules that either hinders or facilitates access to them.

However, on this occasion, I’ve decided to place the spotlight not just on the team of mortgage brokers at Complete Mortgages, but mortgage brokers as a whole.

Not because mortgage brokers have come under fire, or that that there is any particular reason to defend the work of a mortgage broker. It’s just that there are now a number of elements such as regulation, new rules, and restrictions that affects those wishing to apply for a mortgage.

This, on one hand, makes the work of a broker more complex and challenging, however on the other it’s allowing brokers throughout the UK to showcase how they can add value to their clients.

As a result, I would simply like to take this opportunity to remind homeowners and investors why using a mortgage broker can help expedite the mortgage application process and save a lot of heartache in the process.

From the recent changes affecting mortgage affordability to the latest set of rules from the Prudential Regulation Authority, which come into play in September and require landlords to provide details of their assets and liabilities, declare future investment property intentions and reveal the property schedule already requested for buy to let mortgage applications, there are now more obstacles to navigate than ever before.

And, as the number of obstacles grow, so too does the number of reasons to outsource your mortgage application requirements to a mortgage professional. Here are five.

1. Knowledge is power

This sub-heading is probably slightly over-egging the pudding, however it’s true that the more you know the more you can control. A good mortgage broker thoroughly knows the industry and, as a result, knows how to present your case in a way that reduces administration time and gets the desired result quicker. This knowledge, which non-mortgage brokers typically wouldn’t know, also enables brokers to sidestep the pitfalls and capitalise on any potential opportunities, thus ensuring you receive the best possible mortgage advice for your particular circumstances.

2. Qualifications count

It goes without saying, but those with formal training and qualifications in anything – from medicine and teaching to hairdressing and car maintenance – are more likely to approach what they do in a more efficient, balanced and professional manner.

3. Duty of care

Professional mortgage brokers are not only morally obliged to act in your best interests, but also the Financial Conduct Authority also heavily regulates them. If your mortgage broker is not acting in your best interest, then you’re covered. Complete Mortgages positively embrace the FCA’s Treating Customers Fairly initiative meaning that you will be treated fairly with the utmost duty of care at all times.

4. Bigger picture

Mortgage brokers assess and evaluate every aspect of your financial situation. Not only does this ensure that you end up with the right mortgage for you, but it also means that they can develop a holistic package covering other aspects of your financial planning such as life insurance, critical illness cover and income protection in one go.

5. No time to lose

If, like most people, you’re incredibly busy, then juggling mortgage applications with your job and family commitments is probably something you could do without. By using a mortgage broker you can offload the burden of finding the right mortgage – and the associated admin – freeing you up to either a) focus on doing what you do best or b) spend time on anything but applying for a mortgage!

As the mortgage lending landscape continues to change and lenders become more careful about whom they lend to, why spend time doing something that mortgage brokers can handle for you

Whether you’re looking to secure a mortgage or simply want to remortgage, then contact the team at Complete Mortgages on 01483 238280 or email info@complete-mortgages.co.uk to find out how we can help you.

By Mark Finnegan, Director at Complete Mortgages


Robo-mortgage advisers… whatever next?

Thursday, 8th June, 2017

Now, before reading any further I should point out that, like most people, I too use a series of apps to help make my life that little bit easier. From monitoring how active I am to listening to music, apps are now an essential part of my everyday life.

However, on reading a piece in the Telegraph recently with the headline ‘New app promises to sort your mortgage by iPhone as home buying goes digital’*, I have to say that I experienced the first pang of ‘app cynicism’ I’ve felt since I began using them.

Not because, as a mortgage broker, I felt in any way threatened by the advent of digitised mortgage applications, but because my first thought was that some things should genuinely be left alone. Applying for a mortgage, in the context of apps, is one of those things.

Admittedly, claims of being able to complete a mortgage in 15 minutes or begin the mortgage – or remortgaging – process through a mobile app sounds fantastic. However, having been a Guildford mortgage broker for almost two decades, I know that the reality of carrying out a successful mortgage application relies less on software and more on relationships and a personal touch.

Buying a house is, for the majority of people, the biggest financial decision that they will ever make. Now, relying on software to order your coffee so that it’s served to coincide with your arrival, count how many steps you’ve taken in any given day, or alert you when it’s time to drink more water is one thing. But do you really want to place one of life’s larger purchases in the hands of a faceless app?

Not only that but who do you contact when things go wrong or don’t go quite according to plan?

The mortgage application process can be complicated, resource intensive and is often affected by a number of variables and external organisations. Whilst it’s okay to seek a simplified one-button solution to some of the more mundane aspects of modern life, a one-button solution to mortgage applications is, in my view, a false economy.

In fact, let’s compare it now. Complete Mortgages typically spends 15 – 20 minutes to carry out a factfind, which is similar to what some ‘robo-advisers’ claim to take, and from that point onwards everything is handled personally by a dedicated account handler who is able to fast-track the process, carry out those sometimes-sensitive chase up calls with the lender or provide feedback to the estate agent from which the mortgage applicant originated.

We’re proud, for instance, of our high customer service ratings as showcased on our website – all of which are the direct result of real actions of real people, who not only help people secure mortgages day in, day out, but who also do so after having built a strong rapport with the customer.

Yes, there are many services and experiences that have improved through automation, however these are typically services and experiences that are black and white, that have a simple beginning and end point, and that aren’t always reliant on multiple processes in order to reach a successful conclusion. Getting a mortgage isn’t one of them.

That said, I wish those who have launched – or are in the process of launching – automated mortgage apps the very best and I will watch with interest.

In the meantime, I must go. I’m being told that I have a meeting and that I need to purchase a gift online in the next five minutes to make tomorrow’s post – all by my apps, of course.

If you need to apply for a mortgage and would like to speak to a real person, then contact Complete Mortgages on 01483 238280 or email info@complete-mortgages.co.uk. We specialise in first time buyer mortgages, commercial mortgages, buy to let mortgages, adverse credit mortgages – and providing first-class customer service. 

By Mark Finnegan, Director at Complete Mortgages

*http://www.telegraph.co.uk/business/2017/04/18/new-app-promises-sort-mortgage-iphone-home-buying-goes-digital