Why use Better.co.uk

Mortgage comparison sites display a large list of deals and allow you to sort and filter them as you please. They can be a great way to see what kind of deals are out there.

But they're not very good at showing which deals you could actually get, because:

1. Comparison sites don't take into account lender criteria

Each mortgage lender has their own unique set of criteria you'll need to meet in order for them to lend to you. This includes things like:

• your credit rating

• job type

• age

• type of property

Applying for a mortgage you're not eligible for could damage your credit rating. So we take all this criteria (and much more) into account when finding you a suitable mortgage.

2. Comparison sites don’t compare all lenders

It’s worth noting that the list of deals a comparison site searches isn’t reflective of the whole market of lenders.

There are many lenders that only lend to borrowers through a mortgage broker, including Accord, BM Solutions, and Digital Mortgages (Atom Bank), to name a few. And many lenders offer exclusive deals through mortgage brokers that you won’t be able to find anywhere else.

That said, it’s also worth noting that a few lenders don’t offer their products via mortgage brokers, including Chelsea Building Society and First Direct.

So you may want to use a comparison site and a mortgage broker if you want to consider the widest range of lenders possible.

3. Comparison sites can't provide advice

This one might sound obvious, but it's very important. Choosing the wrong mortgage could prove costly or limit your future mortgage options.

For example, you might want a mortgage that allows overpayments if you plan on receiving a raise in the next year. Or you might want a two-year fixed interest rate rather than five, if you plan on moving in a couple of years.

We take the time to get to know you so we can advise on the most suitable mortgage for your current and future needs.

4. Comparison sites don't always make costs clear

Choosing the most competitive mortgage deal doesn't come down to picking the one with the lowest interest rate. Yet not all comparison sites take this into account.

We'll take into account the interest rate, monthly payments, fees, and incentives (like cashback) to calculate the full cost of the deal over the initial period.

5. Comparison sites won't support you through the application process

Applying for a mortgage is unfortunately more complex than it should be. So it can be useful to have an expert guide you through the process.

Not only will we apply to the lender on your behalf, but we'll also stay in close contact with them to provide you with regular updates along the way.

So you can rest assured that your mortgage is always a priority.

Like a traditional mortgage broker, we'll compare the products of many different lenders to find the right one for you based on your personal and financial circumstances.

But unlike a traditional broker, we use technology to make the application process a fast, convenient, and hassle-free experience.

Here's what's different...

1. Traditional brokers aren't online

Until online mortgage brokers like Better.co.uk came along, you'd need to visit a high street broker in person or call up a telephone broker to apply for a mortgage.

This time-consuming exercise might involve taking time off work or taking a long drive to the nearest broker to your town.

With Better.co.uk, you can manage your mortgage application online from start to finish. And you can always call us if you like. We work around your schedule.

2. Traditional brokers generally charge fees, no matter your circumstances

The average fee charged by a traditional mortgage broker is £500, according to Money Advice Service.

But did you know that all mortgage brokers receive a commission fee from the lender every time they complete a mortgage with them? This fee is usually around 0.3% of the mortgage value.

Understand Better.co.uk fees and costs here.

3. Traditional brokers may ask you to send sensitive information by email

Lenders need to see proof of ID, income, and many other sensitive documents.

So while traditional brokers might ask you to send these by email, we've created a secure online document upload portal you can use.

This way of transferring documents is much safer and just as fast.

4. Traditional brokers won't continue to monitor your mortgage

Some brokers will get in touch with you at the end of your deal's initial period to remind you to remortgage.

But none that we know of compare your mortgage with new deals on the market every day.

Our free mortgage monitoring service looks out for suitable deals, takes into account any switching fees, and alerts you if it makes sense to switch to make a saving.

So you can rest assured you're always on the most suitable deal for you.

If you’re buying a home, you might find your estate agent stating you have to use their in-house mortgage broker to find your mortgage.

They may even threaten that you’ll miss out on the property unless you use their broker of choice.

But this isn’t true.

Generally, they do this because they have a commercial deal where they’re paid a fee for every recommendation they make.

Another reason to use a separate mortgage broker is that they won’t share any information with the estate agent without your consent. This will allow you to negotiate without the agent knowing exactly how much you’re able to spend.

The choice is yours. But the pros-and-cons remain the same as traditional mortgage brokers, as explained in the section above.

Applying for a mortgage directly with a lender can be a suitable option if you've done your homework and are prepared to handle the application yourself.

But there are a few reasons you might want to consider using Better.co.uk:

1. Lenders only show you their deals

With over 12,000 deals on the market, considering just one lender's deals could limit your options by 99%.

The mortgage market is competitive, so we'll compare thousands of deals from 90 lenders so you're more likely to get the most suitable and competitive deal for you.

2. Lenders don't give you exclusive deals if you bank with them

We often hear customers ask whether they'll get a more competitive deal with the lender they bank with.

Unfortunately, this is a bit of a myth. Lenders have a range of products they'll lend to borrowers who fit a set criteria, whether they bank with them of not.

We'll make sure that the lender we recommend is suitable for your circumstances.

3. Lenders won't monitor your mortgage

Once you've secure a mortgage directly with a lender, it's up to you to keep on top of it.

You'll need to make sure you don't lapse onto their high-interest Standard Variable Rate at the end of the initial period.

And you may want to monitor the market to check whether it makes sense to switch to a more competitive deal, accounting for any switching fees.

While a lender will leave you to it, we'll monitor your mortgage for you - comparing it against new deals on the market each day - and alert you when it's time to switch.