People 'should compare home loans as early as possible'

By Jonathan Dawes, Fri 5 Sep 2008 - Published in Mortgages

Homeowners whose current mortgage deal is due to run out need to start thinking about their next home loan about three months before their existing plan expires, according to Cheltenham & Gloucester.

Marketing director Stephen Noakes said: "There are a number of options which are available to them and the key encouragement is that they start early in that process."

He added there were a number of ways to compare loans.

People can go online, speak to a mortgage broker or simply walk up and down the high street to get an idea of the offers available, he stated.

Research conducted on behalf of Cheltenham & Gloucester found 32 per cent of people would opt to pay a higher rate with their current mortgage provider rather than risk another lender rejecting their application.

It also revealed some 42 per cent of homeowners were concerned about the reduced amount of choice available in the mortgage market since the start of the credit crunch.

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