9
Jul
Borrowers advised to look around for best mortgage deal
Borrowers have been advised to search the market for a competitive
mortgage product, or risk losing out on £18,000.
Spicerhaart Financial Services has calculated that this is the
extra amount homeowners could be spending over the term of their
mortgage by settling for their automatic standard variable rate
when their fixed-rate deal comes to an end.
This is based on an average £150,000 mortgage for a property
valued at £200,000 with 20 years remaining.
The company suggests using an intermediary to get the right advice
on the best mortgage products.
Steve Cox, operations director of the firm, said: "With lending
criteria tightening, products rapidly coming on and off the market,
and lenders rates changing, it is essential that consumers get the
best guidance possible."
Recently, the Association of Mortgage Intermediaries found that
borrowers were increasingly going to its members for advice, rather
than to find a cheaper deal.
