MoneyNet

Overall: ***(*)
Mortgage Deals: 850+
Mortgage Types: ****
Navigation: ***(*)
Tools & Guides: ***(*)

Over 850 mortgage deals are available. Prospective borrowers can search and apply independently or submit details to an adviser.

Mortgage Types: Variable, fixed, discounted, capped, tracker, Libor-linked rates.

Mortgage Applications: Homebuyer, remortgage, buy-to-let, non-standard (arrears, CCJs and self-cert).

Search by specific lender (102) or by mortgage features (e.g. fixed rate, discounted etc.). The search questionnaire accommodates interest-only, repayment mortgages and repayment/interest-only mixed mortgages where you specify the split. You need to enter the introductory rate period that generally coincides with the time to your next remortgage - such is the way of the world these days.

Search results are listed in ascending order of initial rate, but can be reordered by APR, type, introductory period, cashback, monthly repayment and total costs over any sub-term.

Tools

The remortgages calculator looks promising but ultimately flatters to deceive and does not really provide a convincing rationale for remortgage.

The questionnaire asks for early redemption charges, legal costs, valuation fees and interest rate discount data (amount and remaining time) and produces a list of remortgage deals in order of monetary savings over the set number of years chosen.

So far so good, but it is not sufficient to calculate total savings over the period since they usually accrue month by month rather than upfront. A remortgage decision is a discounted cash flow (DCF) exercise where the rate of return should exceed the best rate of interest available on your savings over the period. This is a complex but necessary calculation.

General

Navigation is pretty intuitive and the layout is highly readable. Although search results can be reordered by several criteria, the tables are a little bit "sticky".

While headline rates in the results tables are attractive, these are often accompanied by high arrangement fees (over £1,000), ungenerous early redemption penalties (up to 5%) and occasional overhang (typically in buy-to-let offerings), but MoneyNet is no more culpable than any other mortgage supermarket in this regard.