Mojo Mortgages cracked open 🥥
Finding the right mortgage for you can be quite difficult. over 20,000 mortgages available. So it's a good idea to use a mortgage broker who can find the right deal for you, and that's exactly what Mojo Mortgages is, a mortgage broker, except they're online, so everything is handled on their website. web rather than by phone. or in person.
It's a great concept and makes things so much easier. You can fill out your details on their website at your convenience (perhaps while watching TV) and talk to your mortgage advisors via live chat on the website, rather than over the phone or going to the office for a face-to-face meeting. expensive reunion (so old school).
However, Mojo Mortgages is not necessarily unique in offering this. They are the last broker to come out, but there are others, the first and much more highly rated is Habito ( here is our Habito review ) and there is also Trussle.
With Habito, they can also handle the entire home buying process for you, so the legal work and inquiries are quite helpful and stress saving.
Let's take a closer look at Mojo Mortgages and see if it's right for you.
How Mojo Mortgages works
When you get started, you'll need to fill in your details on their website, so it's about you, then a bit about what type of mortgage you're looking for and a bit about the property you want to buy. if you are buying a house (eg property value).
Once you've completed all of that, you'll have the opportunity to speak to one of their mortgage advisors. They'll check all your details and learn a little more about you, then get to work finding the best mortgage for you.
This can take a while depending on how busy they are, so allow at least a few days and you should receive a message that your mortgage quote is ready for review.
If you like the mortgage they offer, they will apply for this mortgage on your behalf and hopefully the mortgage lender will accept your application. Then it's time to put everything in order.
That's your carrier (legal stuff) and construction query and anything else that might come up. (We recommend checking out Habito here, they'll take care of everything for you, which can take a lot of weight off your shoulders.)
And that's it. The work is done. It's all free and hopefully a great mortgage deal that you're happy with.
How much is Mojo Mortgages?
The good news is that Mojo Mortgage is completely free.
There are no fees at all to get your mortgage. Most traditional brokers, such as those who trade face to face and over the phone, often charge you a fee which can be around £500 and sometimes much more, so you save quite a bit.
All brokers get a commission from the mortgage lender when they get you a mortgage, but with online mortgage brokers (Mojo Mortgage isn't the only one that's free, all the best online mortgage brokers are) they can handle more clients. a time because everything is managed on your website and live chat. Whereas a face-to-face broker has to spend most of the day talking to several clients.
However, this doesn't mean everything is free, the mortgage lender may still charge you a fee when you get the mortgage (often called a settlement fee) and you'll need to pay fees for legal work (conveyor) and research. the building and organize them yourself.
As we mentioned before, Habito is worth checking out because they will handle the whole process for you, so you don't have to worry about extra fees or finding the right people.
Instead, you'll pay one fee for the entire process, which is about the same as you would have paid for all of these individual services anyway. Here's our Habito review for more info.
The big downside to Mojo Mortgage is customer service. Not the best, especially when compared to other online mortgage brokers.
Contacting advisers can take a long time, at least a few days, for them to send you what they think is the right mortgage for you, and then responses are slow.
You can't even call them on their phone.
And worst of all, there's no support until you've filled in all your details and been appointed to a mortgage adviser. So you can't just talk to someone when you first come to their site like you can with other online brokers.
There is also no help in the help center section of the site, which should answer your questions without having to speak to someone.
So overall very poor service.
Is Mojo Mortgages safe?
Mojo Mortgages is safe to use. All mortgage brokers are licensed and regulated in the UK by the Financial Conduct Authority (FCA). This means they have been reviewed and approved to provide you with mortgage advice.
It also means you are entitled to compensation if you believe you have been given the wrong advice and end up with the wrong mortgage.
What do the people say about it?
Some customers love Mojo Mortgage and some not so much.
It has a score of 4.6 out of 5 on the popular review site Trustipilot. It looks very good on the surface, but in the context of other online mortgage brokers, it is quite low. Both Habito and Trussle have a rating of 4.8 out of 5.
Many of the reviews highlight poor communication and slow progress on their applications, as well as some mistakes when applying for a mortgage with the lender.
We're big fans of online mortgage brokers, in fact we recommend using one if you're happy to handle everything from your computer or phone.
However, we do not recommend using Mojo Mortgage. The site is not easy to use, the service is generally slow and there is no customer support. When there is an option like Habito that is fast and offers a high level of service, then you might as well use that.
Additionally, Habito will take care of the entire home buying process for you if you are buying a home (optional), which can save you a lot of stress and time. If you're just changing mortgage transactions, it's also quick and free.
We give Mojo Mortgages 2 stars. Mainly because of customer service. This is so important when getting a mortgage. Check out Habito as we rate them 5 stars, here is our Habito review. You can also check out Trussle (rated 3 stars) for comparison, here's our Trussle review.