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WITH interest rates at their lowest for 40 years, there are some incredibly good mortgage deals on offer at the moment. But whether you are a first-time buyer or simply re-mortgaging to get a better deal, the good news is you can now do it all in the comfort of your own home.
The online mortgage market is growing rapidly and home loans are one of the most commonly researched financial products on the net - the American bank Morgan Stanley Dean Witter believe by 2005, 20 per cent of mortgages will be completed online. There are advantages to using the Internet - it can be more convenient and often all the information you need is on one site, plus you may feel more in control of all the options than you do with a financial adviser.
It's also cheaper to find a mortgage online - many sites do not charge a fee as they receive a payment from the lender. Some users prefer to work online because it's more private and you don't have to tell a financial advisor all your debts. Another bonus is that, as with services such as online banking, some sites allow you to track your mortgage from application to completion 24 hours a day.
So, where should you start? www.charcolonline.co.uk is free to use and provides information on more than 400 mortgages from 45 lenders - including all the major players.
The service focuses on homebuyers, re-mortgagers, first-time buyers and buying-to-let and even provides a "rapid re-mortgage service" which promises a formal mortgage offer online in 24 hours.
Customers are given a personal customer service adviser to liaise with solicitors, surveyors and prospective lenders and to act as a point of contact.
One of the best facilities is the "save application" function - if you get tired, bored or you are stuck for an item of detail, simply save your work and go back to it later. www.netmortgage.co.uk features more than 3,500 mortgage schemes. You can compare schemes and rates, sort the lists into the order you want and view and print repayment schedules and scheme details. It's easy to navigate and is also easy to understand without being simplistic.
For those with an existing mortgage, the Mortgage Rate Beater is very tempting - it allows you to see whether you can save money on your existing mortgage. You can then apply online for the chosen schemes.
If you prefer the assurance of being able to chat online to an adviser, try www.moneysupermarket.com . Launched in 1999 the website allows customers to compare personal finance products and services in the market to find the best and most competitively priced product.
More than 4,000 mortgages are listed and the site also has a guide explaining all the jargon. There is a "redemption buster" for those re-mortgaging, whereby you input your current loan details to find out how much you could save by transferring.
The site also has a mortgage auction aimed at those borrowing over £150,000.
www.creditweb.co.uk has some great mortgage calculators which quickly tell you how much you can borrow, based on the salary and bonuses of you and your partner. The site also runs a freephone number for people seeking advice.
If you still need tempting, www.emfinance.com offers all borrowers three months' free buildings and contents insurance, and six months' free accident, sickness and unemployment insurance.
But the site is somewhat limited by the fact that it currently only offers 12 mortgage deals from six different lenders, including the Woolwich and West Bromwich Building Society.
If you find the thought of making such a big financial commitment online quite daunting, the Internet is useful for getting all of the groundwork done - checking how much you can borrow and the different products available.