Mortgage Deals from Big UK Lenders Tend to Be Expensive
A recent research carried out by UK-based online comparison source Moneyfacts showed that the most attractive are not always available from big lenders.
Financial experts urge borrowers to shop around and to compare deals not only from market-leading banks but also from those that are small and unknown.
According to the results of market analysis, during which Moneyfacts looked at top 500 mortgage deals, only 150 of attractive loans are offered by big lenders. The remaining 350 mortgages are available from smaller lenders.
Commenting on the results of the research, Ms. Michelle Slade of Moneyfacts, said that "it is even more important for borrowers to shop around to get the best deal... at a time when the cost of mortgages continues to rise." She also urged borrowers to carefully look into product details in order not to be fooled by low interest rates, which are matched by huge fees.
The research by Moneyfacts was based on the analysis of loans offered by such lenders as Halifax, Cheltenham & Gloucester, Lloyds TSB Scotland, Santander, Alliance & Leicester, Abbey for Intermediaries, Nationwide Building Society, Woolwich, Royal Bank of Scotland, NatWest, Northern Rock, HSBC and First Direct.
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This shows the importance of having somebody look after your mortgage. Not only will that ensure you are getting the most cost effective product at the outset, taking into consideration rates and fees, but will also ensure your product remains cost effective throughout the whole tem of your mortgage with regular reviews,