Homeowners 'must consider mortgage options'

05-Sep-2008

Homeowners have a number of options available to them when considering the best mortgage deal, one expert suggests.

Stephen Noakes, marketing director at Cheltenham and Gloucester, says people must start looking at their options early in the process, around three months before making a decision, in fact.

"People can clearly walk up and down the high street and see the different deals that are available," the expert comments.

Speaking to a mortgage broker in high street branches is one option, although Mr Noakes also advises looking online.

A number of websites have the capability to help first-time buyers calculate how much they can afford for their mortgage and lists of current rates, he adds.

Individual circumstances must also be taken into account when looking at mortgage packages, concludes Mr Noakes.

Last month's figures from the Council of Mortgage Lenders revealed that 47,000 home loans were approved in June 2008, down from 98,000 on the previous year.

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