22 Feb

Smaller lenders provide best deals for houses for sale in 2011

Smaller lenders provide best deals for houses for sale in 2011

People planning to buy houses for sale in 2011 could find better mortgage deals from a smaller lender.

The UK's largest mortgage providers, who are responsible for around three-quarters of all products, provide just over a quarter of the market's best deals, according to Moneyfacts.co.uk.

The financial website has revealed that out of the top 500 mortgages available, only 145 come from the biggest lenders.

Michelle Slade, spokesperson for Moneyfacts.co.uk, says it is important for borrowers to compare lenders to find the best deal.

She said: "Borrowers should ensure they look at the true cost.

"A deal with a low rate, but a high fee could work out more expensive than a slightly higher rate with a much lower fee."

First-time buyers may need to compare lenders in 2011 - the affordability of houses for sale in the UK is expected to reach an eight-year high.

The Centre for Economics and Business Research (CEBR) says low mortgage interest rates and weakening house price growth could see more first-time buyers get onto the property ladder.ADNFCR-1222-ID-800420084-ADNFCR

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