Best buy tables bad for borrowers

Email Mortgages has called on best buy tables to be scrapped because they are inflating consumer expectations and detracting from financial advice.

The firm, which provides fees-free advice via email, says best buy tables don’t provide enough in-formation and simply inform borrowers about products that they cannot access.

Michael White, chief executive of Email Mortgages, says: “We can guarantee that for the majority of consumers, the products detailed in best buys are irrelevant and they will have little chance of securing these headline grabbing rates because of the products’ criteria.”

Doug Bennett, principal of Sussex-based brokerage AWA Mortgages, agrees that the tables are out of step with the changing mortgage market.

He says: “Best buy tables don’t tell us anything about extended tie-ins, conditional sales or income multiples.”

Sole broker Roy New says: “There used to be 35,000 products but now there aren’t as many, the demand for best buys isn’t there.”