An increasing number of our clients come to us after they have tried (and failed) to find the most appropriate mortgage through the various price comparison sites. Here at Bradshaw Bennett we can often find a mortgage deal which might have eluded the mortgage comparison site surfer!

Different choices need to be considered

With a large technical purchase like a mortgage many of these sites just do not deliver what people are looking for.
 
Our clients are looking for expertise, knowledge and service - not just information. The different choices need to be considered and sometimes compromises need to be made - for example,

• Do I go for flexibility (overpayment, offset and repayment facilities) instead of the lowest possible rate?- flexibility could in fact be a much cheaper option.
• Do I select the mortgage with the lowest arrangement fee or the one with the lowest interest rate? - a high arrangement fee and low rate could in fact be much more cost effective for those borrowing larger amounts.
• How long do I fix my rate for? (two ,three, five, or even twenty five years?)

Mortgage Comparrison Websites

We find that these websites can be a great place to start - they are often well designed, provide a lot of valuable information and can help our clients gain a really good understanding of what is on offer in the mortgage market.

However, they often they fall short when actually choosing the most appropriate mortgage for you. They often neglect to make clear what the specific lending criteria are for each of the advertisers - this can lead to unsuccessful applications and even a footprint on your credit score where there was really no possibility of the lender even considering your application.

Independent Mortgage Advisers

Professional, independent mortgage advisers like us, subscribe to powerful mortgage sourcing tools which are well supported by the UK lenders - data is normally updated at least twice a day and the mortgage lending criteria are clear. These are not sites designed to generate the maximum number of leads possible, they are serious tools used to begin the first line underwriting process.
 
My advice is don't waste too much time surfing the mortgage websites - take advice from an independent mortgage adviser and use our knowledge and expertise to beat the credit crunch and identify the right mortgage for you.
 
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Sally Harrison CeMAP