The Financial Services Authority (FSA) has finally launched its online mortgage tables. They are designed to help residential owner-occupiers considering a first charge mortgage and provide comparisons on nearly 1,300 products.
The tables carry information from over 100 mortgage advisers. They allow comparison of interest rates, restrictions, fees and incentives, and details of whether or not the mortgage can be linked to a current account.
Beverley Brewster, of the FSA’s comparative tables team, said: ‘Unlike other websites, these tables are not trying to sell you a mortgage. They are intended to help you shop around and make a shortlist of the best value deals. Then you can explore the ones that interest you in greater detail directly with the provider or broker concerned.’
However, Andy Frankish, director of Mortgage Talk, has voiced fears that the public will rely on the information and not achieve ‘best advice’ for their circumstances. He said: ‘It would be of huge concern to the industry if borrowers made their choice purely from the tables. ‘It is vitally important that even well informed consumers take professional advice.’
The tables are available at www.fsa.gov.uk/tables.