Going against Martin Lewis these days is a risky business.
It’s almost akin to offending a member of the Royal Family (if one of its members isn’t already doing that themselves), or another British institution – such as David Attenborough. Well, maybe not David Attenborough – he really is untouchable.
But Martin Lewis has carved a reputation as the go-to man for all things finance related. And rightly so. www.moneysavingexpert.com has been hugely successful and no doubt saved many of its readers many pounds over the years.
The Martin Lewis effect
Even as a Guildford mortgage broker, our clients regularly reference him and what he’s advising. The fact that up to 35% of people turn to his advice* has even given birth to the term the ‘Martin Lewis effect’.
So, when he began pushing the 3.99% fixed rate mortgage deal as the best on the market recently, those applying for a mortgage naturally began requesting it. Our team of Guildford mortgage advisers even took calls from people specifically referencing Martin Lewis’s 3.99% rate.
But what they didn’t know – and seemingly Martin Lewis, for that matter – is that there were actually better UK mortgage deals available at the time. Yes, they may have been exclusively available via a mortgage broker, but they were available.
What’s right for one might not be right for the other
Similarly, his decision to raise national awareness of the best five-year fixed rate deals is, without doubt, really helpful for most people. But less so if you find yourself needing to move in six months’ time and are locked into a five-year deal.
Blanket advice is often of huge value to the majority, but what about the minority? And this is where mortgage brokers come into play.
As a mortgage broker in Guildford that’s secured mortgages for thousands of clients since we launched in 2005, we know that whilst many people’s circumstances are very similar, there are many people who have very specific circumstances. As a result, blanket advice would not be relevant – or even appropriate – for them.
At the same time as Martin Lewis was talking about the 3.99% mortgage, we had access to a cheaper broker exclusive product. Of course, the banks are never going to alert thousands of customers currently in the mortgage application process to a more favourable deal, but if you’re in the process through a mortgage broker, then they’re in a position to switch you to the best rate at any given time.
On a serious note, the team at Complete Mortgages loves Martin Lewis. He’s brought national attention to some important issues and helped the UK population get better value for money. However, when it comes to mortgage guidance, our advice is to go to the mortgage experts.
For the best UK mortgage deals right now, contact one of our Guildford mortgage brokers on 01483 238280 or e-mail info@complete-mortgages.co.uk.
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