Online mortgage quote

Questions and Answers

How do I get a mortgage?? UK?

Q) I earn £30600 gross a year but am not sure how to get a mortgage. I can only seem to get £70,000 - £85,000 on online quotes. This would not buy anything where I live in essex. A 1 bedroom flat is average cost of £130,000. So how would I go about gettting this size mortgage?? Any suggestions please x

A) Based on your income you can obtain a mortgage of at least £122,400 but in certain circumstances more. Do you have a deposit? If you have, you could buy the property that you mention, no problem. You need to deal with a whole of market mortgage broker, as they have access to all the lenders and they can asssess your circumstances and marry you up with the best lender. Visit http://www.mortgages2.co.uk and submit your circumstances. I am sure that they can help. Regards Joe

online mortgage broker vs direct lender aka bank?

Q) what are the pros and cons between these 2? i see the rate from online mortgage broker is lower than the bank. for example, one mortgage broker told me he is able to get me 5.875 for a 30 yr fixed while some banks are quoting me 6.25%. first the mortgage broker guy told me he is salaried and doesnt work on commission. and he is able to a volume of sales thus able to get me a lower rate. and he also guarantee on a bank letterhead for my loan. so who should i go with? plus who here ever gone with a online mortgage broker instead of a bank? and did you ever regret it? did they ever try to do the "bait and switch" on your rate when comes closing time?

A) I would never advise someone to get a mortgage online. I have seen too many transactions not close because of some fly-by-night online lender. Brokers are fine but use one who is located in your area.