House buyers urged to look for competitive mortgage deals

Prospective homeowners have been advised to compare the range of mortgages available before agreeing a deal.

Pauline McCallion, the editor of Your Mortgage, has stated that consumers should shop for the most competitive home loan as they can save money on their mortgage repayments.

She said that it is “always worth” comparing the market as it “makes sense” to save as much money as possible.

Furthermore, the increase in the cost of fuel and food has made this fact even more pertinent in the recent months, Ms McCallion added.

“Just because the mortgage market has contracted over the past six months due to the credit crunch is certainly no reason to just sit back on an uncompetitive rate or a standard variable rate,” she commented.

According to data from the Financial Services Authority, 1.4 million homeowners are forecast to come to the end of their cheap fixed-rate mortgage agreements in 2008.

© Adfero Ltd

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