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Should I use a comparison website when looking for a mortgage?

compare-apples-and-oranges
Comparison websites are a really good place to start your search for a mortgage, but there are a couple of things you should be aware of:

1) Some comparison websites won’t show you all the products available and will only display those that they have a deal with. If you use a comparison website, make sure you check that you use one that states it’s independent as this will give the you the most comprehensive results.

2) Beware sponsored links. Comparison websites make their money by taking payment from lenders to advertise their products. This doesn’t always mean that the best deals appear at the top of the page, usually it’s the ones that have paid to be there!

3) Check the small print, on the face of it, it might seem you are getting a really good rate, but are there any hidden clauses, additional fees, large repayment fees etc.

4) Searching on a comparison website won’t give you the full story you’ll have to compare comparison sites to see all the products available.

5) Not all lenders use comparison websites, so you may be missing out on a really good deal/product.

6) You will lose the personal touch and this can result in you buying a product that’s not quite right for you. Working with a human means they can ask you relevant questions, explain benefits/negatives of each product, assist you with their knowledge, help you understand what might be a good deal for your future plans and not just for the here and now.

The pros are:

1) There are lots of products displayed in one place.

2) You can have access to it any time of the day or night.

3) A comparison site will be able to give you a good idea of what is available.
 
There’s no denying that you’ll get a feel for what’s available on the mortgage front from a comparison website, but for a wider choice we would recommend you compare at least two sites, possibly even three.

Please note the content of this blog is for guidance purposes only and does not constitute for professional advice. Contact us today at info@wolseymortgage.co.uk or by calling 01473 216950.
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Saturday, 16 October 2021

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