It 'makes sense' to shop around for best mortgage rate

06-Jun-2008

Shopping around for the most competitive mortgage deal is a must for homebuyers while the cost of living continues to rise.

That is the conclusion of Pauline McCallion, the editor of financial portal Your Mortgage, who claimed it "makes sense" for people to cut costs wherever they can.

"Just because the mortgage market has contracted over the past six months due to the credit crunch, [that] is certainly no reason to just sit back on an uncompetitive rate or a standard variable rate," she remarked.

"Obviously there are various problems at the moment in terms of a lot of lenders pulling rates quite quickly, and a lot of banks and building societies have said they'll only be lending to certain types of customers," she acknowledged.

Regardless of this, Ms McCallion suggested that low-cost homeownership is within the reach of individuals who shop around for the most appropriate mortgage deal.

According to the British Bankers Association, the mortgage market rose seven per cent between March and April this year, while the number of people switching mortgage deals increased by just under a quarter in the same period.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

Fixed-rate mortgage demand 'rising steadily' Best mortgage deals found with independent advice

2012: May | Apr | Mar | Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar