Borrowers advised to shop around

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Borrowers advised to shop around

Homeowners could cut their mortgage repayments by checking out other deals on the market, an expert has claimed.

Pauline McCallion, editor of borrowing advice website Your Mortgage, says people with existing mortgages should be prepared to switch to better rates from different lenders to save money.

The credit crunch has led to a shrinking mortgage market in recent months, with many lenders restricting their products or pulling rates quickly.

However, Ms McCallion comments: "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."

She warns rising inflation makes it more important than ever to constantly review other offers on the market and cut costs wherever possible.

A survey by Moneyfacts.co.uk, published in March 2008, found that 60 per cent fewer mortgage deals were available compared to last year.
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