9 Jul

Borrowers advised to look around for best mortgage deal

Borrowers advised to look around for best mortgage deal

Borrowers have been advised to search the market for a competitive mortgage product, or risk losing out on £18,000.

Spicerhaart Financial Services has calculated that this is the extra amount homeowners could be spending over the term of their mortgage by settling for their automatic standard variable rate when their fixed-rate deal comes to an end.

This is based on an average £150,000 mortgage for a property valued at £200,000 with 20 years remaining.

The company suggests using an intermediary to get the right advice on the best mortgage products.

Steve Cox, operations director of the firm, said: "With lending criteria tightening, products rapidly coming on and off the market, and lenders rates changing, it is essential that consumers get the best guidance possible."

Recently, the Association of Mortgage Intermediaries found that borrowers were increasingly going to its members for advice, rather than to find a cheaper deal.

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