Less than 4% eligible for mortgages using comparison sites - September 4, 2019

A recent report by undertaken with data acquired from credit reference agency Experian, has revealed that fewer than 4 in every 100 people who visit mortgage comparison websites are actually eligible for the deals they find on there.

The analysis of 11,000 product searches by consumers showed that of that number only 385 would qualify for the products they are presented with. In real terms that equates to just 3.5% of people actually qualifying for a product through a mortgage comparison website.

The problem appears to be that most comparison websites contain a simple mortgage calculator – usually consisting of little more required information than the value of the property, the size of the deposit and the length of the loan. The consumer will then see a list of available products and deals that fit ‘that’ criteria, but does not take into account the more specific information required by lenders as to the affordability of the applicant – such as incoming, outgoing, credit and financial history.

With One 77’s online fact find a lot of these extra details are taken at the point of enquiry to ensure that the products you see are those chosen specifically from the details you have submitted. However, following the online fact find we will still need to talk to you as our customer to ensure that we are both making the best use of your time with regards to the finer details of your application and to find the product best suited to your circumstances. We aim to give our clients a tailored mortgage recommendation within 2 – 4 hours and will search the entire mortgage market – another thing the mortgage comparison sites cannot do.

One 77 Mortgages’ Sales Director Miles Robinson said; “Comparison websites are informative tools to give clients an indication of rates and eligibility of mortgages, essentially a simplistic overview of what is available to a client… however as a business we have found that at the point clients are ready to commit most ‘want help’… Comparison websites are great for initial checks and eligibility but having a qualified adviser to help you through the application is priceless.”

The importance of using a broker cannot be underestimated. From the point of enquiry right through to the moment that you are handed the keys to your new house, your broker will always be on hand for any advice or queries relating to your mortgage. When you call your One 77 adviser, you are put straight through to them each and every time – a dedicated broker working with you 100% of the time. You can’t find that online!

Complete our online fact find here!