Hunt around for best mortgage deal, expert advises

Posted 2008-05-21

Mortgage-buyers are being urged to hunt around for the best deals, as it could save them thousands of pounds.

According to Moneyextra.com, the total annual saving made by opting for the best product on the market rather than the worst is up to £3,363.

However, this is less of a saving than people would have made earlier in the year, by £1,231.

The website attributes this to the high arrangement fees which are now being charged for competitive mortgage deals, but adds that by shopping around people can still make massive savings for themselves.

Robin Amlot of Moneyextra.com comments: “Mortgages arent cheap and lenders arent fighting for our custom in the way they used to but you could still save yourself almost £2,000 a year just by making the right mortgage choices.”

The website also claims that searching for the best deals concerning credit cards and personal loans can also pay financial dividends.

In related news, recent research by Abbey showed that five-year fixed-rate mortgage deals are proving popular with buyers.

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