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Homeowners urged to shop around for mortgages
05 September 2008
Mortgage products are decreasing in the current economic climate so it is important that homeowners shop around for the best mortgage deals, claims Cheltenham and Gloucester.
Research by Cheltenham and Gloucester revealed that due to confusion over the state of the housing market one in three re-mortgagers believe they have no option but to stick with their current lender.
Furthermore, the bank found that 30 per cent of homeowners would rather pay a higher rate than risk rejection from another lender but there are still a number of mortgage deals available.
Stephen Noakes, marketing director at Cheltenham and Gloucester, said: "There is no denying there are fewer deals available, but the perception is worse than it is.
"Industry figures show that there are around 5,000 different mortgages available and the average remortgager owns over half of the equity in their property. So for the majority of people, there is still plenty of choice."
The Council of Mortgage Lenders reported that there has been an increase in the number of outstanding mortgages.
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