Consumers advised to shop around for mortgages
18th March 2008
Consumers should shop around when looking for a mortgage, it has been advised.
According to Sue Anderson, a spokeswoman for the Council of Mortgage Lenders (CML), researching the market is important so that people know what products are available to them.
She noted that there was a multitude of ways for consumers to do this, such as consulting the comparative tables from the Financial Services Authority (FSA).
Ms Anderson advised: "Research the market - know what's actually available. There are lots of ways of doing that, including the FSA's comparative tables and widely published sources on the web from various commercial providers.
"Knowing the product range that is out there is obviously important for borrowers so that they can assess whether the person who is advising them is pushing them towards a product that looks suitable for them within the range available.
She added: "Shopping around is always important, particularly so when the range of choice is narrowing, as it is at the moment."