For the last ten years or so the world of mortgages has changed dramatically. Many years ago anyone wishing to buy a house or remortgage would go a bank on the High Street and a bank employee would help them find a suitable mortgage from a range of four or five products. This is still possible to do today, however with the advent of the internet and the rise in competition there are a lot more options open to you.
These days one of the most common ways to find a suitable mortgage is to advise a mortgage broker. They can assist you in selecting a product to suit your needs, you will take benefit from their expert knowledge of various lenders and it will ensure that you receive a good deal. The widespread use of the PC and the laptop was a big help and desktop sourcing became a Godsend to brokers enabling them to very rapidly compare hundreds or even thousands of mortgages quickly and logically.
The arrival of databases and online comparison systems at the start of the millennium then additionally brought another radical change. It now became possible for the public to find a mortgage for themselves online. The mortgage comparison website has been a huge hit providing a number of advantages for the general public. This made involvement from a third party for help unnecessary, people were able to look online themselves and get the information they required. Advice which may or may not have been good advice, they may have been expensive and may not have even been honest.
For those who have a little knowledge already and are familiar with the financial aspects, an online comparison mortgage system can offer the chance to check out all the details and terms.
In general mortgage websites will provide three types of mortgage tools. The first one would be a basic calculator; some sites will also feature tables of data that are simply organized for you to compare mortgages. The third category of tools would be an online mortgage sourcing tool whereby you will be able to input specific information in order to produce a list of mortgages that would be appropriate for your particularly needs.
Interest calculators can let you make simple calculations such as how much your payments will be each month and the amount of interest you can expect to pay. This also applies to secured loans, or second charge calculators for loans that aren’t directly mortgages but are secured using properties. Other types of calculators include Budget Planners, with these you can input your income after tax has been deducted plus all your monthly outgoings, and the tool will show up a surplus or deficit, further you will see more clearly if you can afford to make a loan.
Mortgage tables are a list of mortgages divided into categories which can include remortgage, buy-to-let or self-employed. The best tools will show all mortgages in each category with the ability to page down or sort by clicking on column headings to find the best loan to value, initial rate, best overall cost, or basically sort on however you wish to view the information.
The final category of mortgage tools, the sourcing tools, is the most important. You will find these are either in the form of a questionnaire which will be on one page or spread over several pages using a wizard format. By entering information such as required loan amount, current salary, the property value, and other necessary data, the system will generate a list of products suitable for your needs.
eLink Technologies has developed mortgage data systems for websites for nearly a decade and provides data to about 95% of UK mortgage sites with such data via its industry leading mortgageLinked system.
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