People 'need to search for good mortgage deals'

By Jonathan Dawes, Thu 5 Jun 2008 - Published in Mortgages

House-buyers and homeowners should compare mortgage deals to try and find the most competitive rate available regardless of the current economic climate, according to Your Mortgage.

Pauline McCallion, editor of Your Mortgage, said that the tightening of the market over the past six months and the fact that a lot of lenders are "pulling rates quite quickly" was "certainly no reason to just sit back on an uncompetitive rate".

A survey by Moneyfacts.co.uk, published in March 2008, found that 60 per cent fewer mortgage deals were available compared to last year.

Of the top 250 mortgages in the market today, only 27 per cent are offered by the top ten mortgage lenders. These lenders made up 75 per cent of the market share in 2006.

A report by the Financial Services Authority from June 2007 shows that 1.4 million people are due to come off cheap fixed-rate mortgage deals in 2008.

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