moneynet in the press

Computer Buyer – 1st May 2006

MARKET CONTEXT

In today’s climate of fierce competition, the personal finance market has become increasingly complex and confusing to the consumer. Consumers are growing in sophistication when purchasing or switching personal finance products and will shop around, often online, to find the best deal. Moneynet aims to meet this need by providing a one-stop-shop that is fast and easy to use.

Credit Management – 1 May 2006

VIEW FROM THE SEA-FRONT

Richard Brown, Chief Executive of Moneynet, the financial data comparison site and the first of its kind in the UK, has seen many changes in bank lending policy in the past 25 years or so that he has been in the financial services business. Brown reckons it is time that the major lenders had a radical shake up in their core lending policies. “It’s not rocket science, and it does not take a genius to work out that, as more and more people throw off the shackles of PAYE wage slaving in order to strike out on their own, they are going to require more flexible and enlightened lending strategies. As much as anything else, the professionals who control the credit purse strings need to keep up with our changing times, as it has longer term ramifications for all of us and the well-being of the wider economy. If mortgage lenders turn away applicants who do not meet their rigid criteria of so many times salary and the like – even though they are well able to repay the loan- then this will ultimately have a knock on effect on housing market growth. We need new borrowers to keep the market ticking over. It’s time to overhaul core lending policy,” said Brown.

Mortgage Magazine – 1st May 2006

NET SAVINGS

A lot of people take the first mortgage that comes along. Many will want to scour the market for the best deal. You could do this by visiting every bank or building society’s website. Clearly, this is a bit of a chore. Alternatively, many websites display all the up-to-date deals on the market for you. Type in a few details about what you are looking for and these sites will scan the deals on offer to find the best one for you. Sites you want to look at here are www.moneysupermarket.com, www.moneyextra.com, www.moneynet.co.uk and www.mortgagesonline.co.uk.

The People (Main) – 7th May 2006

TAKE COVER

Office of fair Trading figures show that around seven million protection policies are taken out each year generating a whopping £5.5 billion in profits. Moneynet’s Brown compared as an example a £5,000 loan over five years with Norwich & Peterborough at 8.9% and HSBC at 14.9%. With insurance, the HSBC repayments work out cheaper - £145.22 compared to £152.10.

Liverpool Daily Post (Main) – 15th May 2006

CASH POINTS

As supermarkets step up their attempts to secure a larger slice of the credit card market, online financial data comparison service Moneynet.co.uk claims that benefits offered by most supermarket giants do not compensate for higher rates charged on their cards, when compared with ordinary credit cards.

The Independent (Save & Spend) – 13th May 2006

DEALS OF THE WEEK

Don’t take out a credit card offered by a supermarket on the basis of the loyalty schemes on offer, warns the price comparison service Moneynet. It says the bonus points or shopping vouchers on offer from credit cards provided by Tesco, Marks & Spencer, Asda and Waitrose are poor value given the interest rates they charge. Moneynet says that most people would save more money by using a cheaper credit card than they’ll make from loyalty schemes such as these.

Daily Record (Main) – 18th May 2006

BE QUICK WHEN SHUFFLING CARDS

While lower charges are good news, the downside is that issuers will look for other ways to make up the revenue loss. Richard Brown, chief executive of price comparison website Moneynet.co.uk believes this can mean only one thing – fewer cheaper deals. He explains “They’ve got to comply with the OFT or face statutory imposition of the changes. Card providers are pulling back on zero percent deals already. They’re not as attractive as they used to be.”
“My advice would be, if you’re thinking of transferring, get on and do it now.” But that doesn’t mean you should jump at the first reasonable offer you see advertised. If you don’t want to pay over the odds, it’s essential to pick the right card for your needs.