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Homeowners encouraged to shop around for mortgage deals

04/09/2008

Homeowners who may be concerned about loans and remortgaging have been urged to shop around to find the best available deals.

According to research conducted by Cheltenham & Gloucester (C&G), as a result of current economic fears, many consumers are concerned about switching lenders.

The firm stated that 37 per cent of people questioned reported they are too fearful that they will be refused a loan to approach other mortgage providers.

As a result, C&G suggests that many people risk remortgaging to a less competitive rate with their current lender.

Marketing director at the company Stephen Noakes said: "Mortgage rates are now falling and remortgagers should take the opportunity to shop around before committing to a new deal."

Doing nothing could see homeowners pay "far more" than they need to, he added.

Meanwhile, figures produced recently by the Bank of England revealed that number of loans being secured by UK consumers to fund house purchases fell by 71 per cent in July this year compared to the same month in 2007.

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