Why we're different

Karina Hutchins

Head of Home by OpenMoney

July 20, 2021

How are we different?

As you start the process of buying your first home, you’ll find there are lots of ways to secure your mortgage, so here is a summary of your options and what we can offer.

Traditional mortgage brokers

Just like a traditional mortgage broker, we’ll find out about your circumstances and search thousands of mortgages, across a number of lenders, to find the deal that suits you. We’ve taken what a mortgage broker would offer you in person, and built on that to create a more fair, transparent and complete homebuying service.

Here is how we’re different:

1) Our advice goes above and beyond

You might be thinking, what is “advice”? And what does “above and beyond” even mean?

Home-buying is complicated.  It can feel like there’s thousands of different directions that you could go about getting a mortgage, which can be overwhelming. We advise you which kind of mortgage, interest rate, and additional products would be best for you after we’ve learnt about you and your circumstances. We make sure that you have everything you need to buy a new home. Instead of wondering ‘what do I do next?’, we’ve got you covered.

Instead of just showing you your options, we’ll recommend the best option for you specifically like a mortgage adviser would do in real life. This is what we mean by “advice”.

We want to know about your plans for the future and what you want in a mortgage, and we’ll work around you to recommend the best mortgage for you.

Although our advice is online, we’re here to speak to at anytime if you’re unsure at any point.  Above and beyond.

2) How we get paid

All mortgage brokers (including us) get paid a commission by the mortgage lender. The difference is, our mortgage advisers do not get paid on commission, so they have no incentive to offer you a certain mortgage, unlike brokers whose income depends on commission. Some brokers also charge a flat fee to the buyer for their service, unlike us!

3) We’re all online

With a traditional mortgage broker, you’ll need to book an appointment, which might mean taking time off work. Our service is all online. You can get your full homebuying recommendation and thorough advice without having to speak to anyone over the phone – but we’re here if you would like to. The choice is yours.

Comparison websites

There are lots of comparison sites you can use to look at different mortgages and insurances and they are a great way to see a variety of deals, but these sites don’t offer the most important part of buying your home – advice. We’re huge advocates of getting personalised advice for your finances, so we wouldn’t recommend using a comparison to website to find your mortgage.

1) The cheapest deal doesn’t mean it’s the best deal for you

There are lots of different factors that go into finding the ideal mortgage for you, which is why it’s best to get personalised advice rather than try to decipher a long list of deals. We consider things like your future plans and your wider financial circumstances to find a deal that’s best for you.

2) You may end up applying for a mortgage you’re not eligible for

Comparison sites don’t take into consideration each lenders criteria that they set for their customers, so you could pick a deal that you’re not eligible for which may impact your credit score. We will only apply for a mortgage that we think you’ll get approved for.

3) Comparison sites don’t offer support

Buying your first home can be a daunting task, and you can spend a lot of time researching what you need to do or how to do it, and comparison sites don’t help with that. Whilst comparison sites are free to use, it’s also free to access our advice so you can save time, and make sure your decisions are backed up by regulated advice.

Other online mortgage brokers

We can’t pretend that we’re the first, or only, free online mortgage broker so you may come across similar services to ours when you’re researching how to get going with buying your first home. Here’s some of the things that make us different to other online brokers.

1) We offer advice for all the steps of buying your first home, not just your first mortgage

Home by OpenMoney is a free service that gives regulated, personalised advice on every aspect of buying your first home, tailored to you and the home you want to buy.

Making sure you feel prepared for every step of buying a home, we’ll help you build your deposit, find the right mortgage deal for you, and recommend insurances and solicitors.

2) Our advice helps you take charge of your finances

We’ve built some pretty nifty tools into our homebuying service, which help you look at how your mortgage and insurance payments fit into your monthly budget, so you can look at what you can spend per month on your mortgage, how this affects what age you’ll be when it’s paid off, and how it fits into your monthly budget.

3) We’ll help you buy your first home, and stay in it

Nobody likes to talk about insurance – and we know the word ‘insurance’ can induce some eye rolls. We want to make sure that once you’ve purchased your home, you can stay in it. This means giving you advice on what insurances to get to make sure if anything bad happens you can still afford your mortgage payments – there is only one type of insurance you have to have, so we’ll make that clear and you can decide what parts of our recommendation you’d like to take out.

4) We’re extra convenient – no appointments necessary

Whilst there are a few online mortgage brokers now, most of them still require you to have an appointment before they’ll apply for your mortgage for you, either over the phone or through an online chat. With Home by OpenMoney, unless you have some really quirky circumstances, you won’t need to book an appointment with us.

You can always book in a call with us if you would like to talk through your recommendation, or even if you would like some advice on building your deposit!