8 Jan

Borrowers 'must constantly shop around' to find best deals

Borrowers 'must constantly shop around' to find best deals

Homeowners should always be on the lookout for a better mortgage deal, one financial expert has advised.

Ben Wilkie, editor of What Mortgage, said that it is sensible for people to compare rates with other lenders on a regular basis, particularly in the current environment where new deals are appearing every week.

"You should always be shopping around and just making sure you are on the cheapest deal you can possibly get," he said.

Mr Wilkie added that borrowers should be aware that, although rates are currently low, this will not be the case indefinitely and noted that it could be best to switch provided the arrangement fees are not excessive.

On January 4th, the Bank of England reported that net lending secured on dwellings increased by £1.5 billion in November 2009, compared with a rise of £1.1 billion in the previous month.

New mortgage approvals for November were also up over October last year, along with a marginal increase in the number of remortgages approved by lenders.ADNFCR-1222-ID-19548265-ADNFCR

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