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House-buyers 'should shop around for mortgages'

Home-seekers are being urged to shop around for the best mortgage products, many of which can be found at building societies, it has been claimed.

According to Moneyfacts, people should not automatically go to a large lender or bank, as research shows that 70 per cent of the top 250 mortgages are offered by building societies.

However, house-hunters are still putting their trust in the largest banks, despite the wealth of information about alternative courses of action, said Moneyfacts.

Julia Harris, mortgage expert at Moneyfacts, said: "It is shocking to see that so few of the top-priced mortgage deals are offered by the largest mortgage lenders."

She went on to say that making a big commitment like taking out a mortgage should not be based on brand loyalty.

Recent figures from the Building Societies Association revealed that net mortgage lending and approvals in September were up on the previous two months.

See how much you could borrow with a Lombard Direct personal loan.

© Adfero Ltd

31/10/2007 16:18:05

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