Mortgage Applications: Homebuyer (first-time buyers and home-movers), remortgages, Buy-to-Let and sub-prime.
There is no dedicated “sub-prime” section. Self-certification applicants (e.g. the self-employed without sufficient accounts) and those with impaired credit history can use the “Refine Further” button (Step 3 in the All Mortgages section) to enter the details (arrears, CCJs, self-cert).
The mortgage search engine can filter out loans with early-repayment charges and hangover and offerings with mandatory insurance riders. The search can be conducted by lowest true cost over a period, lowest initial monthly payment or highest cashback. Results tables are sortable by mortgage type, initial monthly payment, initial headline rate (APR), and true cost over the sub-term. Once you have selected your mortgage, hit the Proceed button to commence your application.
The Remortgage Calculator allows comparison against your existing homeloan. Enter early redemption penalties and current/future rates. The calculator selects alternative offerings and computes the savings over a set period (until your next remortgage) and the payback period (i.e. recoupment of costs).
Unfortunately, the calculator ignores the fact that most costs occur upfront (e.g. arrangement & valuation fees, legal disbursements etc.) whereas savings accrue monthly. The calculator does not discount the benefits and the final net savings figure is therefore unreliable, although the breakeven-point date is a good indicator of value for money.
Overall, this is a good mortgages supermarket. Navigation is straightforward and the results tables are “athletic” when sorting by alternative criteria.
MoneyeXtra Mortgages is no straight-through-processing service. After you hit Proceed you are required to enter your contact details, so prepare for a call from MoneyeXtra. Rejoice!
• Lack of a proper search engine for Buy-to-Let mortgages.
• The inadequate remortgages calculator.