Homeowners 'should shop around for better mortgage rates'
Date: 10/06/2008 13:48:58
Homeowners paying off a mortgage should still hunt for a competitive rate despite a recent tightening of the market, according to an expert.
Your Mortgage editor Pauline McCallion said the squeeze on lending was "no reason to just sit back on an uncompetitive rate".
According to the British Bankers' Association, the number of people switching mortgage deals went up by 24 per cent in April.
Ms McCallion said: "It's always worth having a look around to see if you can save a bit of money on your mortgage repayments."
Homeowners looking to reduce regular outgoings could also save money by using the internet or phone to
compare home insurance quotes.
A report by the Financial Services Authority from June 2007 shows 1.4 million people are due to come off cheap fixed-rate mortgage deals in 2008.
Your Mortgage is an independent website aiming to provide a comprehensive mortgage advice and information service.
The site provides breaking news, tips and advice on every aspect of the UK home loan market.