Getting a Mortgage Quote Online

Going online for an instant mortgage quote can be a convenient way to find out how much you could borrow and what interest rates you should expect but you won’t get access to every deal on the market, and could end up paying more in the long run.

This guide will give you a good idea of how to get an online quote from a mortgage broker that’s as accurate as possible, as well as an understanding of the pros and cons of using this method. Click on the links below to explore each topic.

Can you get a mortgage quote online?

Yes, in most cases this should be entirely possible as long as you’re confident you have the right paperwork to hand and can provide the necessary information on your circumstances and the property you’re buying.

You’ll also need to have a good idea of the type of mortgage you want to apply for and the right search terms to use. With so many different products out there and the mix of terminology that lenders use, it can be a confusing landscape – especially if you’re applying for a mortgage the first time.

How to get your quote

There are plenty of price comparison tools online that will let you enter your details in exchange for a selection of current deals that you may be able to apply for an agreement in principle right away. However, using this route may well still leave you with a number of unanswered questions.

A smarter way to approach this is to request the help of an experienced online broker who can provide you with all the answers you need beforehand whilst at the same time tailoring a mortgage quote to your specific requirements.

Using an online tool right from the off will give you a rough idea of what’s available and allow you to compare different products, but speaking to a whole-of-market broker first is a more secure way of making sure you get a much more accurate picture of the best options available for your circumstances, whilst also saving you a lot of time and, potentially, some money too.

What kind of quotes are available right now?

The table below gives an idea of the types of quotes available online for residential mortgages currently.

Please note that the above rates are purely for example purposes, were accurate at the time of writing, but are subject to change. Speaking to a mortgage broker is the best way to find the most up-to-date deals.

Are online mortgage quotes reliable?

While there are some smart and fairly comprehensive tools available to use online, the results are only as reliable as the information you feed them, and in some cases the tools are not sophisticated enough to factor in everything that could affect your chances of success.

Online quotes are generally more reliable for ‘standard’ cases, so if there is anything at all unusual about your application you may find it easier to speak to a broker. And with the potential for unexpected changes to your personal situation, it isn’t always easy to tell whether your application will be straightforward from the start.

How a broker could get you a more reliable mortgage quote

Unlike an online algorithm, your broker won’t make any assumptions about your circumstances, preferences or priorities, and as a result will be able to provide you with a more robust mortgage quote which will give you confidence that you can move to the next stage and make an offer on a property.

They will also know the right questions to ask to identify any potential complexities early on, and will make sure you only apply for a quote from those lenders most suitable to deal with your specific circumstances.

Finally, if you choose to work with a whole-of-market broker, you’ll have the peace of mind of knowing that you haven’t missed out on any deals that weren’t widely advertised to the general public.

If you get in touch we can arrange for a broker we work with, who has experience in dealing with online quotes, to contact you straight away.

How much will your mortgage cost?

The amount you’ll pay back per month on your mortgage will depend on the sum you’re borrowing and the rate associated with the deal being offered by the lender. For example, if you’re borrowing £200,000 with an interest rate of 3.92%, your monthly payment will be approximately £1,047.

To work out what this figure might look like for you, use our repayment calculator once you have a quote ready. There may be other factors that will influence the exact sum you’ll pay if you do go ahead with any particular deal, so be aware that figures are for information only and should not be construed as advice.

Can you remortgage online?

Yes – you should be able to arrange a remortgage online using the same comparison tools to find and apply for a suitable deal.

If you’re coming to the end of your current fix or term and you plan to stay with your current lender, switching to a new product should be easy to do on the lender’s own website, but you’ll only get to see the deals they are offering.

Use a comparison tool or speak to an advisor if you want to see if you could get a better deal.