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Supermarket corrects secured loan mix-up

by Guy Anker

Moneysupermarket.com has repaired a technical glitch that saw secured loans offered under the banner of unsecured deals on its website.

The broker who pointed out the error wants to remain anonymous, but said he was concerned that mortgage intermediaries selling second-charge loans on an ethical basis may be disadvantaged by Moneysupermarket.com’s website.

Concerns were also raised that consumers may not realise that they would be choosing a product that would mean they could lose their home if they failed to keep up repayments.

The price-comparison site says it rectified the problem immediately after being contacted by Money Marketing.

Another error identified was that the APR most prominently quoted on some secured loans was lower than the typ-ical APR revealed in smaller print. Moneysupermarket. com has pledged to make sure the correct typical APR is displayed prominently in future.

Managing director Stuart Glendinning says: “It is not that long since we have had secured loans so we were using the unsecured table. It needs changing urgently as it should not have the heading unsecured but it was not deliberate. The APR problem will also be changed and we are making sure it is corrected.”

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