Moneysupermarket.com retracts its direct only stats
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Moneysupermarket.com says it supports the broker market and has withdrawn its statistics that claim 90% of mortgage products are currently available direct.
It released the figures over the weekend but says it is reviewing the statistics because it may not have included some broker only deals in its calculations.
A spokesman for Moneysupermarket.com, says: “We do support the broker market and think they are vitally important. The press release was not intended to cause offence to brokers but was meant to emphasise that some consumers who are used to going to a broker will not be aware of how the market has changed.
“But there are a couple of broker only deals we were not aware of and because of the broker reaction we have received we are reviewing the stats and have withdrawn the press release.”
Kevin Mountford, head of banking at moneysupermarket.com said that whilst some people will always want advice from an intermediary, this should be seen as part of the shopping around process rather than the final word in mortgage products, as consumers who fail to shop around will no doubt miss out on the best deals available.
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Readers' comments (18)
Anna Nonimous | 2 Aug 2010 12:11 pm
Preparing to asert authority on my lung capacity as one gears up for an extra special verse of "Egg on your face. Egg on your face."
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John Baker | 2 Aug 2010 12:17 pm
Kevin Mountford - The new Gerald Ratner
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Anonymous | 2 Aug 2010 12:18 pm
Suggest all brokers vote with their feet and stop buying overpriced leads from Money supermarket and its subsidiaries, foot in mouth or what !!
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Petro | 2 Aug 2010 12:20 pm
Straight out the Alistair Campbell School of Public Relations!!!!!!!!
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Petro | 2 Aug 2010 12:20 pm
Straight out the Alistair Campbell School of Public Relations!!!!!!!!
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Anonymous | 2 Aug 2010 12:26 pm
I'd like our good friends at Mortgage Strategy to do some investigative work into how many customers who went direct actually received the best rate or were sold more expensive Target driven products. Is this possible?
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Ketan Yadav - Avenue & Co Private Finance | 2 Aug 2010 12:29 pm
According to our sourcing systems, direct only deals accoun for aorund 30% of available products.
Moneysupermakets claims are based on figures supplied to them - from direct only lenders!
YOU CANT COMPARE MOTOR INSURANCE AND MORTGAGES - DO NOT ATTEMPT THIS AND ALWAYS SEEK INDEPENDENT ADVICE FROM A SUITABLY QUALIFIED INDEPENDENT FEE CHARGING PROFESSIONAL - ITS A LONG TERM LOAN AND YOUR HOME IS SECURED ON IT.
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Glad not a MB | 2 Aug 2010 12:33 pm
Mortgage Brokers feeling the pinch could do without this kind of comment which unsettles and confuses the buying public and rattles the hand that feeds them...Brokers... Oh dear.
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Anonymous | 2 Aug 2010 12:37 pm
As per usual, Some monkey at the top of the tree making the usual mistake of insulting the brokers and they want us to buy there so called quality leads. Bye Bye Mr Moneysupermarket.com... They need us more than we need them....
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Ancient Wisdom...is a mortgage broker in N3. | 2 Aug 2010 12:53 pm
With articles like this from Moneysupermarket - they just got cut off as of today as a company to buy leads from.
(they wont feel the loss of our business, in 4 yrs we only bought leads once - 20 - and they were all a waste of time).
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