Homeowners and first-time buyers should "always" shop around for good mortgage deals

Posted: 06 Jun 2008 13:22:39 GMT


            Property News - Homeowners and first-time buyers should "always" shop around for good mortgage deals

Tougher lending criteria should not deter homeowners and first-time-buyers from seeking out the best mortgage deals, an industry expert has advised.

Tougher lending criteria should not deter homeowners and first-time-buyers from seeking out the best mortgage deals, an industry expert has advised.

Pauline McCallion, editor of Your Mortgage, has said that it is "always" worth comparing the market to find a more competitive rate.

Ms McCallion said: "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."

The advice comes in the wake of an announcement by first direct last month that they have cut the rate of their two-year fixed-rate standard and low rate mortgages.

A report by the British Bankers' Association (BBA) shows that there is movement in the market with a seven per cent rise in April to £17.8 billion, up from £16.6 billion in March.

According to BBA there was also 3,158 more house purchase loans in April, taking the total to 38,704.

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