UK Money News
10th July 2008
Bad mortgage decisions can cost £18,000
Britons who do not scrutinise a range of mortgage options can lose out on savings of £18,000 over the course of their home loan, it has been claimed.
According to Spicerhaart Financial Services (SFS), a homeowner with an average £150,000 home loan for a property worth £200,000 can cut the cost of their borrowing by choosing a competitive deal when they remortgage.
The company said the need to shop around is especially pressing for the 1.4 million homeowners who the Council of Mortgage Lenders predict will be coming off fixed rate deals by the end of 2008.
Borrowers who fail to negotiate favourable terms are expected to be put on a costly standard variable rate.
Steve Cox, SFS operations director, said: "With lending criteria tightening, products rapidly coming on and off the market, and lenders rates changing, it is essential that consumers get the best guidance possible.
"Brokers provide independent, comprehensive and invaluable advice for those looking to remortgage."
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