Tips offered to find cheapest mortgage
www.moneynews.co.uk > Mortgages > Tips offered to find cheapest mortgage
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Money News |
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Tips offered to find cheapest mortgage
Wed 6th Aug 2008
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Money expert Mr Lewis, who recently investigated the issue for Tonight With Trevor McDonald, said that many homeowners have had no choice but to lapse with their capped and fixed-rate deals, forcing them to go on their lender's standard variable rate as the cheapest option they could find.
Noting the "mortgage drought", he said it is "very unlikely" to get a new deal if a mortgage is more than 90 per cent of a home's value.
Mr Lewis suggested visiting a "whole of market" mortgage broker, who will look at every available deal rather than a limited selection.
As some lenders are avoiding broker's fees by keeping deals direct to branches, he also urged homeowners to check out deal independently as well.
Borrowers should also find out their current lender's deal when the fixed-term arrangement ends and use it as a "benchmark" for comparison.
Rob Williams recently argued against ditching stamp duty in the Guardian.
He said a house price decline of 1.5 per cent a month would impact affordability "more than any tampering with stamp duty".
Click here for more mortgage news.
Related News : Mortgages |
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Related News : Housing market |
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