Advice on mortgages 'a necessity'

Posted: 06 May 2009 11:30:00 GMT

Would-be homebuyers must seek advice on mortgages before taking out a home loan to buy property.

That is the view of MyMortgageDirect director Catherine Hearnden, who has claimed that taking advice on mortgages is now "more important that ever".

According to the website - which is run by independent financial advisers - the more information buyers can find out about mortgages, the better.

"If you just go for rate only or the fact that it's fee-free only, then you're not always going to make the best decision [regarding mortgages]," Ms Hearnden explained. "You need to make the comparisons."

There are "so many" mortgage products available on the market and each deal will suit a different person, she continued.

Last week, the British Bankers' Association reported that there was a drop of nearly 2,000 in the number of mortgages approved for house purchases in March.

Some 26,097 new mortgages were approved during the course of the month, compared to February's figure of 28,024.


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