Interesting New Tool for those coming to the end of a deal

HelpWhereIcan

http://www.mortgagesolutions-online.com/public/showPage.html?page=797205

Customers coming to the end of mortgage deals can now compare how much – or how little – their existing mortgage company wants to keep their business under a new service launched by Mform.co.uk.


The online mortgage company has launched what it claims is the first UK service which enables borrowers to compare offers from lenders to keep their business on a true cost basis, as well as checking whether their existing deal measures up against the most competitive in the market.
Francis Ghiloni, marketing and business development director at Mform.co.uk, said borrowers needed as much information as possible in the current mortgage market to be able to accurately assess how competitive any new mortgage deal is.

He explained: “Our new service is the first to allow existing borrowers to compare their deals with the best in the market and also to enable them to assess offers from lenders intended to retain their business.”

He added: “Mortgage companies are making increasing use of churn management systems to retain or discard customers and have restricted the availability of deals to so-called good risks. Plenty of creditworthy borrowers are being disadvantaged and shouldn’t be.”

Follow the instructions in http://www.mform.co.uk/assets/pdf/re...ison-guide.pdf to work out how to have it compare the rest of the market to taking a new deal from your current lender.

www.mform.co.uk

Had a quick try myself - seems reasonably accurate, but requires you to know what deal your existing lender will offer and the charges etc involved.

Not an alternative to advice in my opinion but will be a useful tool for those who know exactly what they are looking for and are confident in DIY.

_Andy_

Bit dodgy - apparently HSBC don't accept applications directly from customers...

payless

Ok as a tool.. but

If pressing proceed - Most deals just say:-


You have two choices to proceed as this lender* does not allow you to apply directly for this product:
Click the BACK button below to look again at your search results and choose a lender who does allow you to APPLY directly.
OR
Click the CONTACT BROKER button below to fill out a simple form to request a callback from a mortgage broker**
---
!!!!

so their system doesn't seem very well supported by lenders

As mentioned does not show current lenders retention deals -

Plus not upto date .. still showing NW old 3yr fix

These sites claim to make life easier for consumers to apply direct ( well they are just brokers really - and seem to either process or pass on to lender- where allowed ) but IMO shows the need for proper advice

minimike2

LOL.

This is just an online broker getting clients to do all the work sourcing a mortgage, doign thier own applications.

I wonder if they are getting paid the commission too......

payless

HWIC interesting that way back in 2006 when you posted about them they were having similiar issues http://forums.moneysavingexpert.com/showthread.html?t=314183&highlight=mform

HelpWhereIcan

payless wrote: »

HWIC interesting that way back in 2006 when you posted about them they were having similiar issues http://forums.moneysavingexpert.com/showthread.html?t=314183&highlight=mform

Agreed about the attempt to encourage people to use moneyQuest now (used to be L&C).

As I said then, it is probably the 'best' broker based comparison service as it uses data from moneyfacts rather than, say, mortgagelinked.

It should therefore include deals not available through brokers which makes it infinitely superior to most broker sites.

I have to add that my comment about it just being a glitch and/or a beta were with a fair amount of sarcasm and intended to try and be balanced about what it offered - and I don't think I have been proven wrong.

As a pure comparison site I suggest that DIY people use http://www.moneyfacts.co.uk/searches/mortgage.aspx anyway. The data mform uses is the same, just whitelabeled for them.

Having said that, this thread is about the tool it offers allowing you to compare the deal you have been offered by your current lender against the rest of the market on a total cost basis.

I did also say

Not an alternative to advice in my opinion but will be a useful tool for those who know exactly what they are looking for and are confident in DIY.

What is the point in jumping all over something that could be potentially useful as a tool (as I have called it all along) just cos one or two deals may be out of date or cos it tries to refer to moneyQuest?

Would we prefer people used a mortgagelinked broker site that excludes all direct only deals? Or Moneysupermarket? or FSA tables? All have had criticisms of deals being out of date - as have Trigold, MBL etc - but that does not mean that we will be able to persuade people not to use them as they will be accurate more often than not.

I can't see that you will as we seem to agree on both its use as a tool and the need for advice.

So, to further clarify. I did not say that people should use it to arrange their remortgages just that the ability to compare your retention deal to the market is useful for those happy to DIY.

I would expect and warn MSEers to find a way to apply for the deal rather than

Click the BACK button below to look again at your search results and choose a lender who does allow you to APPLY directly.

No matter what we may think, some will continue to use the likes of mfact, L&C, moneyback mortgages etc etc

Let's try and point eachother in the direction of the best tools available to those who want to DIY online and not throw the baby out with the bathwater here.

HelpWhereIcan

Just to further clarify.

The tool I refer to can be used by checking the appropriate box next to

[FONT=Arial,Helvetica,Sans-Serif]Would you like to compare your existing mortgage?[/FONT]


on page 2 Your Personal Circumstances

They have a link to the remortgage comparison guide that helps you to work out what to put where in the pages that follow. http://www.mform.co.uk/assets/pdf/remortgage-comparison-guide.pdf

The results table produced then ranks all the other mortgages available in the market and compares them to the deal you have input

The results returned following a comparison are similar to a normal search. However, instead of displaying the true cost of the mortgage, you will see the difference in cost between the mortgage you have entered and each of the mortgages in the results table.

As I said, useful but not a subsitute for advice IMHO.

HelpWhereIcan

payless wrote: »

I wasn't jumping over it- but if the sites uses moneyfacts info, then perhaps its easier to use moneyfacts instead of one that fails to offer what it was setup for ( direct application) but insteads just ends up recommending a particular broker

Again, I am NOT talking about the use of mform as a comparison site alone - already said I would advise people to use moneyfacts - but the comparison to a retention deal that it offers.

This is not something offered by moneyfacts or any other site I am aware of.

Yes, you need to input accurate details of the deal offered by your current lender - but it os a useful tool and could save someone remortgaging to another lender just cos the rate looks better despite fees that wipe out all benefit of switching.

Deals are automatically sorted by the saving compared to the current lender's deal - how can that not be better than a best buy table? In fact that makes it better than most comparison sites (moneyfacts included) as most tend to order deals by interest rate and we all know how dangerous that is

ixwood

Is this spam in thin disguise? is it your site? Something smells fishy to me....

HelpWhereIcan

ixwood wrote: »

Is this spam in thin disguise? is it your site? Something smells fishy to me....

No, not my site :rolleyes:

As I have said a number of times is this thread

Not an alternative to advice in my opinion but will be a useful tool for those who know exactly what they are looking for and are confident in DIY.

As a pure comparison site I suggest that DIY people use http://www.moneyfacts.co.uk/searches/mortgage.aspx anyway. The data mform uses is the same, just whitelabeled for them.

So, to further clarify. I did not say that people should use it to arrange their remortgages just that the ability to compare your retention deal to the market is useful for those happy to DIY.

I would expect and warn MSEers to find a way to apply for the deal rather than


Quote:
Click the BACK button below to look again at your search results and choose a lender who does allow you to APPLY directly.

So, to put things beyond doubt how about I say that people should use the site (and others) for its comparison tools only. But on no account should they click on the apply now or further details buttons and should contact the lender direct, never mentioning mform to them at any point in the application process.

I guarantee that if I (or my company) earn anything from mform I will donate it all to the running of MSE

Rabiddog_2

Hmmmmmm......Drool.....Fish Spam.......:doh: