Incorrect moneysupermarket mortgage rates - be wary

mspwuk · 2 June 2020 at 3:23PM

Has anyone noticed discrepancies in mortgage rates offered on moneysupermarket lately? I'm in the midst of remortgaging, and so I've been checking mortgage rates daily on MSE, Moneysupermarket and Comparethemarket. Not all comparison sites cover all lenders, so it was helpful to see the differences. If you're interested, MSE's site seemed to be the most comprehensive. I was after 5-year fixed rate repayment deals at 75% LTV, which typically ranged from 1.46% to 2%. All of a sudden an RBS deal showed up at 1.22% - way cheaper than anything else. However, that deal did not appear on the RBS website, and when I called RBS, they confirmed it was very odd as their 5-year rates were significantly higher at 1.54%, and 1.22% was almost as low as their 2-year deal at 60% LTV (1.21%). However, they said some brokers may have different deals to the RBS website. As it was such a great deal, I followed it through, and ending up giving tons of significant financial information to 'Fluent Money' the Moneysupermarket broker you are required to contact for the deal. After wasting lots of time over several calls with call centre staff and then a broker, the Fluent Money broker admitted the RBS rate of 1.22% was incorrect, and blamed Moneysupermarket; saying they had already alerted Moneysupermarket to the mistake. Their broker was also unable to find me a deal that matched the deal I had already found on MSE's website; and even though it was now 3 days after the incorrect RBS deal first appeared, that RBS deal remained on their website. I therefore complained by email to Moneysupermarket, and on searching again today, the RBS deal no longer showed up. However, a similarly odd-looking 1.25% 5-year Barclays deal shows up instead. Barclays' own website advertises rates of 1.55% and above, and so it may well be yet another incorrect rate. I just thought I'd warn anyone getting excited about amazing mortgage deals on Moneysupermarket - you may end up spending several hours of your life simply handing over lots of personal financial information to their brokers.

mspwuk · 3 June 2020 at 11:39AM

Update: on checking today - the amazingly low Barclays offer of 1.25% on a fixed rate 5-year 75% LTV deal, that appeared for only 1 day on the Moneysupermarket website yesterday, hasn't come up in the usual search. In fact, not a single Barclays mortgage offer has shown up under the search. Very odd.