CML: Remain 'wary' of introductory mortgage offers
www.moneynews.co.uk > Mortgages > CML: Remain 'wary' of introductory mortgage offers
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CML: Remain 'wary' of introductory mortgage offers
Thu 14th Jun 2007
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According to a spokesperson for the group, Christopher Dean, consumers need to keep their "eye on the ball" in order to ensure they get the best deal for their personal circumstances in the long-term.
Mr Dean also described taking up a seemingly attractive introductory mortgage offer as being a "double-edged sword".
He said: "On one hand the consumer might be getting a really good deal from a lender, but on the other hand that may be discouraging them from shopping around."
Determining how the product would affect consumers not just initially but over a period of three, five or even ten years was really important, Mr Dean said.
The CML also explained that mortgage providers, which have to provide key fact illustrations, "are very upfront about the terms of the product they're providing".
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