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Will fintech bring down the price of mortgages?

As the number of physical banks decreases, the number of fintech mortgage businesses increase, and they boast an array of reasons to use them, rather than their traditional counterparts. They all claim to make applying for mortgages quicker and more straightforward, some even claim that they can save you money, but how true is that?

mortgages rate

A big benefit of using an online mortgage platform like rightswitch.ie is that you are reminded when you are due to remortgage and in some instances, platforms can do this for you automatically. Yougov conducted a study which found that a third of people would allow an online platform to switch their mortgage for them automatically. This means that you could save money purely by being reminded to remortgage, unlike mortgages with traditional banks who allow you to slip into the Standard Variable Rate (SVR). Trussle is just one of many online mortgage brokers. They recently conducted a study which found that the average homeowner who slips into SVR wastes 拢4,700 per year by not remortgaging. With this in mind, it is understandable why traditional banks don’t always try to make it easy for you to switch your mortgage.

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Online mortgage brokers don’t just look at what the cheapest option for you is, they take into account a wide variety of mortgage aspects and your individual financial situation in order to make the best recommendation. The Sun discusses how online mortgage brokers such as Dashly, look at initial mortgage set up fees, early repayment charges, mortgage rate, property value and loan to value, as well as consumers declining mortgage value in order to provide you with a mortgage tailored to your needs.

Customers can then select filter options in order to compare mortgages.  From this information, they are able to provide clarity on areas where customers can save money depending on their individual circumstance. For instance, it may be really important for some customers to not incur any initial mortgage set up fees but they may happy to pay a higher mortgage rate. They are still saving money but they are not necessarily getting a cheaper mortgage overall.

mortgages

Online mortgage brokers don’t just look at what the cheapest option for you is, they take into account a wide variety of mortgage aspects. And your individual financial situation in order to make the best recommendation. The Sun discusses how online mortgage brokers such as Dashly. look at initial mortgage set up fees, early repayment charges, mortgages rate, property value and loan to value.

As well as consumers declining mortgage value in order to provide you with a mortgage tailored to your needs. Customers can then select filter options in order to compare mortgages. From this information, they are able to provide clarity on areas where customers can save money depending on their individual circumstance. For instance, it may be really important for some customers to not incur any initial mortgages set up fees but they may be happy to pay a higher mortgage rate. They are still saving money but they are not necessarily getting a cheaper mortgage overall.

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The other benefit of using many of these platforms is that they are free to use like many other price comparison websites that offer the ability to compare products and carry out a transaction in the same place. When using independent mortgage advisors there are often fees incurred for the work that they do in order to compare mortgages products for you. Not only does using the online platform speed up this process which otherwise takes a person a lot of time, but it also means that customers do not have to pay hefty charges for the comparison.

Overall fintech is saving customers money whether it’s just start up fees or overall mortgage interest. As the way consumers purchase mortgages shifts towards online platforms offering the best rates for individual circumstances, it could, in turn, drive mortgage prices down.

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