There are ample of web sites on the internet from which you might apply for the latest mortgages online. Some promise wonderful rates, but are they safe to use?
This question breaks down into two parts:
1 - is it prudent in that are you sure you are really going to get the best result?
2 - is it safe in that are your details safe?
Well, in reverse order, we’ll look at the pure safety first. The answer to this is not straightforward. It all depends on how careful you are, where you are applying and so on. If you are applying for an online mortgage through your lender’s own web site, then you are virtually beyond doubt safe.
But, if you have just turned up at several random mortgage application web site, then we cannot be so certain. In all probability you are prudent, but if you have replied to a spam email round low rates then suddenly the odds are stacked against you. By applying there you may find that instead of a good mortgage offer, your identity is stolen and all chances of future mortgages are gone.
Therefore, to be prudent, if there is a specific lender or broker that you know about and want to use then applying via them should be secure. But a random website is not so secure.
So what about the other side of safety - being certain that you are getting the best deal on the market?
Well the problem with applying over the internet is that again you do not always know who you are dealing with. Worst still, unless you are qualified you might not be applying for a mortgage in which you are eligible to the best interest rates and your application might end up with a surprise rate that is a lot higher.
To get the best rate that is available to you, you must not only be able to read the top 10 charts but also have an intimate knowledge of the local mortgage products and understand which of the banks are most budding to want to offer you a good deal and where to go to get that deal.
Also, this information might change by the day, merely to make it that little bit more impossible!
So you might find that the best rate that is available to you is hidden away somewhere, maybe even part way down the comparison charts, rather than in the top slots, which are not eligible to you because you aren’t paying enough of a deposit or your credit rating is less than the building society demands.
So, in summary, is it safe to apply on the internet? Well if you go to a web site that you do not know then you may have your identity stolen. Or you might find that you are not really comparing all of the mortgage offers that are available to you and end up paying more than you really ought to be paying for your mortgage.
So personally, I would always ensure that that I am speaking to a professional advisor who is qualified to look after my needs and registered with the appropriate professional bodies! Contact them on the internet first by all means, but check them out before giving too much detail!
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