The Internet has opened up a world of new opportunities for those looking to find the best deal for their finances. At the click of a mouse we can find the so-called best deals on everything from credit cards to car insurance.
But the wider the choice, the more confusing the whole thing becomes and there is always the feeling that you may have missed something - a better deal, or a more appropriate policy - if only you had known where to look.
Now a new service has been launched which claims to offer a revolutionary' way of accessing the whole of the mortgage market, as well as a wide range of insurance options.
Moneypilot.co.uk actually involves both the Internet and a financial adviser at the same time.
Technology is used that enables the adviser to feed the relevant information through to the customer's computer as it is being discussed on the telephone.
Neal Pritchard, managing director of Moneypilot.co.uk said: "The combination of simultaneous web and telephone also removes any of the worries of inviting an adviser into the home and discussing personal financial circumstances face-to-face with a stranger.
"The speed of the service is particularly quick. Depending on the lender, the mortgage offer can be made within two weeks of receiving a completed application form, further easing the stress of buying or remortgaging a property."
The service is free to users and is an independent subsidiary of the Principality Building Society, and is not tied to Principality products.
There are no fees to pay and any commission paid by the mortgage lender to Moneypilot.co.uk will be disclosed to the customer.
Mark Sinclair, 54, and his wife Carolyn, 47, were among the first to try out the service, when they remortgaged their three-bedroom home near Thame. They have lived in the Grade II listed house for 17 years, after relocating from London to achieve a better quality of life.
They took out an endowment mortgage with Abbey National when they bought the property in 1989 for £200,000 and have stayed with it ever since, despite knowing they were probably paying over the odds on the interest rate.
Complicated Mrs Sinclair said: "We had been looking at changing our mortgage for two years in the knowledge that the variable rate we were on was no longer competitive.
"Although we visited a couple of banks, we weren't convinced and left with the feeling that their advisers were pushing what they wanted to sell us, as opposed to what was best for us.
"Mortgages generally require a complicated decision process at the best of times and as this started to fall into the too hard' category for us, we simply chose to delay the decision - probably wrong but that's the way we do things in our family!"
A friend who works in financial services suggested that Mark and Carolyn had a look at moneypilot.co.uk.
Mrs Sinclair added: "As we were not moving house and simply wanted to re-mortgage our circumstances were relatively straightforward.
"However, it was important to us that an adviser truly listened and recognised our situation and needs."
The subsequent online session, combined with simultaneous phone conversations with the adviser, took about an hour to complete.
Mrs Sinclair continued: "What was really useful was that we could see all the information he had access to on our computer screen, while he explained how we should judge the relevant mortgage options.
"We definitely felt we were dealing with a very experienced person who really knew the market on a daily basis and could take an impartial and unbiased approach.
"Unlike our experience with the banks, where you feel you are on display in front of an audience, being able to conduct the session in our own home environment was far more relaxing and somehow more personal. It also gave us a much greater sense of being in control."
The Sinclairs chose a discounted tracker repayment mortgage with the Portman Building Society starting at 4.54 per cent, which represented a considerable saving.
Mrs Sinclair said: "Our criteria for remortgaging was to limit the overall amount we pay over the nine years that we have left on our mortgage.
"We finally settled on the Portman which has saved us quite a lot of money, but the overriding benefit was having total confidence in knowing that we had the right deal for us."
Contact: www.moneypilot.co.uk
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