8
Jan
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.