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Shop around for mortgage in tight times, says CML
19 March 2008
With the meltdown in credit markets threatening to filter down into the mortgage accounts of UK home buyers, shopping around the best mortgage is more important than ever, according to the Council of Mortgage Lenders (CML).
Comparing tables on commercial websites or visiting the Financial Services Authority (FSA) were ways that consumers could ensure that they were up to date with the best possible mortgages that fit their needs.
However, Sue Anderson, a spokesperson for the CML, warned that the credit crisis was shrinking the number of products available.
Ms Anderson advised people to stick to the basics: "In terms of sensible things that people should do, they are all the obvious things. Research the market - know what's actually available."
The Evening Standard yesterday reported that 100 per cent loans were disappearing fast and that some lenders were asking for up to a 25 per cent deposit in order for borrowers to get access to the best interest rates. 
