3 Mar

People 'increasingly savvy when shopping for mortgages'

People 'increasingly savvy when shopping for mortgages'

Consumers have become more savvy when choosing mortgage products over recent months, it has been claimed.

According to Darren Cook, spokesperson for Moneyfacts.co.uk, the financial pressures caused by the economic turbulence have made people more financially aware.

For this reason, those going through the conveyancing process to secure new homes are shopping around for the best deal to a greater extent that they did in the past, he suggested.

Mr Cook added: "The Bank base rate being maintained at a historical low for 12 months and the resulting low savings rates is causing people to shop around for the best returns from their hard worked savings pot."

His comments follow the release of figures by the Bank of England, which showed that total net lending secured on dwellings in January of this year rose by £1.5 billion.

This was greater than the £1.2 billion rise noted during the previous month.

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