This is the view of Email Mortgages (and most of you, I’m sure!) who believes that whilst consumers should harness the power of the internet to find information on options available, using the variety of search engines to find certain financial products such as mortgages is not the best option.
Email Mortgages argue that many consumers are in danger of assuming the internet search option, which might be the right approach for a product such as car insurance, is also the best one for other financial product needs. Many internet users may be tempted to use the comparison sites before applying direct without seeking professional mortgage advice which will provide protection and tailored advice based on an individual’s needs and circumstances.
A further issue for consumers using the comparison sites is their inability to provide a continuous online mortgage advice service. Instead, users are only offered telephone or face-to-face advice options which may not be their favoured method of conducting business.
Michael White, chief executive of Email Mortgages, commented: “No one can underestimate the power of the internet in terms of the information it provides to consumers regarding their financial product needs. However, consumers are in danger of becoming internet ‘search junkies’, trawling the comparison sites when it would be far more time and cost-effective to use the services of an adviser. This behaviour is particularly worrying when it is carried out for products such as mortgages which are certainly not best served by comparison sites.”