Mortgage customers 'should compare loan deals'

By Jonathan Dawes, Wed 3 Sep 2008 - Published in Mortgages

Homeowners who are looking to remortgage need to shop around, according to Cheltenham & Gloucester.

Research by the group found 37 per cent of people due to remortgage in the next year are not planning to compare deals for fear of being rejected.

Of those, 40 per cent said they did not feel they would have an option but to covert onto their lender's standard variable rate and 30 per cent said they would prefer to pay more than face being turned down by other mortgage providers.

Commenting on the findings, Stephen Noakes, Cheltenham & Gloucester's marketing director, said: "Mortgage rates are now falling and remortgagers should take the opportunity to shop around before committing to a new deal."

He added doing nothing could mean homeowners end up paying more.

Elsewhere, Firstrung has said people need to stop thinking of houses as an investment and view them simply as somewhere to live.

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