As bank rates skyrocket, it has become essential for homebuyers and owners to seek mortgage advice in order to save money. Fixed rate deals are often seen as the best type of loan, but without mortgage advice, consumers may end up spending too much money. Banks are now charging hefty fees with their applications and without the right mortgage advice, consumers could be out a substantial amount of money if they do not take the appropriate precautions and approach the right banks. Experts are hoping that more people will seek mortgage advice before it is too late.
Michael Coogan, director general of the CML, said: “Lending levels continue to be lower than last year and any recovery is still some way away, with little sign of the special liquidity scheme increasing the flow of funds to the industry or lowering the cost of funds as hoped.”
Chris Taylor, the chief executive of Marketguard stated, “There are a host of reasons now, often based on cost, that people are turning away or are being turned away from fixed deals. Our research reveals that even the slightest increase in the Bank of England’s interest rate could tip people over the edge.”
Related reading: Mortgages Advice
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