Expert: Always worth searching for a better mortgage deal

Posted 2008-06-4

It is always worth comparing mortgage deals to find a more competitive rate, according to one expert.

Your Mortgage has stated that despite the tightening of the mortgage market in the past six months it is still worth hunting for a good deal.

Pauline McCallion, editor of the online resource, said that, as the cost of living is currently increasing, "it makes sense to try and cut costs where you can".

However, she added that there are limitations on the market at the moment, with some lenders only accepting applications from certain types of customer and a number of building societies just lending to their members.

The British Bankers Association recently reported that the number of people switching mortgage deals increased by 24 per cent to 74,722 in April this year.

In related news, the Financial Services Authority claims that 1.4 million people are due to come off fixed-rate deals this year and could be searching for another mortgage.



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