Monday, October 4, 2010

Want to remortgage but are worried about your personal data?

The recent scandal where the personal data of 25 million people went missing is worrying. Lots of companies today want your personal details and very often they don’t need them and shouldn’t be asking for them. This is more common in the mortgage market than almost anywhere else. Mortgage comparison sites ask you to provide your phone number so that a broker can call you back. What’s more concerning is that often you won’t know which company is going to call you back because the website you were using has sold your details to another company (usually the highest bidder) and even they don’t know who they have sold them to! However there are sites that do things properly. A good example of this was quoted recently when a website user said “Found this site very useful and easy to use. It gave me the information I needed without having lots of people keep contacting me by telephone. I work full-time during the day and also have a part-time evening job so finding time to take 'information gathering' telephone calls was not what I wanted but it was amazing how many sites say that it is online and then when you have submitted the form then say 'someone will contact you' and do not provide any useful information online.” If you are concerned about your personal data and don’t want to be called by someone you don’t know, then make sure that you use a real mortgage comparison site – one that actually compares the whole of the mortgage market and let’s you apply for the mortgage there and then. Be wary of sites that are actually just there to make money by selling your details to a broker. You should be able to get a personalised illustration without giving your contact details. Get the right site and not only will your data be secure but you will improve your chance of finding the right deal for your remortgage.

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