Commenting on the FCA’s launch of a market study into competition of the mortgage sector, Richard Neudegg, Head of Regulation at Uswitch.com, says: “Mortgages are the biggest and in many cases, most important financial product that people will ever take out. So it is imperative that the mortgage market works for consumers and makes it straight forward to get all the information needed to make an informed decision – not just when moving but also on whether to remortgage to a better deal.
“It’s good news that the FCA is taking a closer look at the market as getting a mortgage can be complicated. Homebuyers are often stumped about whether they are better off paying a larger fee up front and getting a smaller headline interest rate, or if the lower fee and higher rate is a better deal. And that’s before having to tackle the myriad of other charges such as surveyor, booking and valuation fees.
“In this market, the onus is increasingly on brokers and lenders to provide consumers with the information to help them make the right decision, but many customers don’t get as far as seeking this advice. Given the complexity of most mortgages, and the difficulty for consumers in knowing which ones they will be eligible for, there is an increasingly important part for innovation and technology to play.
“In order to get the industry working better for consumers, competition needs to be stimulated by allowing more customers to easily compare the options available to them.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
About us
It’s all about “U”!
Thank you for indulging us over the last 20 years by using a small ‘u’ and a big ‘S’ when writing about our brand in your articles.
We are delighted to let you know that you are now off the hook - it’s big U’s all the way (and small s’s) as we undertake our biggest ever rebrand - so let your autocorrect go wild!
About Uswitch
Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
Uswitch is part of RVU, a new business that also owns Money.co.uk and Bankrate.
If you would no longer like to receive our press releases please email prteam@uswitch.com with 'unsubscribe'.
