Mortgage borrowers urged to shop around

Anyone considering taking on the serious debt management burden of a mortgage ought to shop around for the best deal available to them, according to one expert.

Sue Anderson from the Council of Mortgage Lenders (CML) has made clear that researching the local property market and the relevant loan deals that are on offer is a crucial part of the home buying process.

And Ms Anderson has suggested that being fully familiar with the mortgage loan options on the market has become increasingly important in recent months as many of the deals offered by lenders are being removed.

“Shopping around is always important, particularly so when the range of choice is narrowing, as it is at the moment,” she said.

Among the resources recommended by the CML for mortgage research are the Financial Services Authority’s comparison tables.

Including mortgage arrears, the typical British household owes close to £57,000, according to data compiled by the Credit Action charity.