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Consumers should 'shop around' for mortgages

Consumers should shop around when they are looking for a mortgage, the Council of Mortgage Lenders (CML) has urged.

CML representative Sue Anderson said that checking the market was essential if consumers were to find the product that fitted them best, doing some research using tools such as the Financial Services Authority's comparative tables and identifying what criteria they wanted for their mortgage.

Then, armed with information on what they are interested in, consumers can approach an IFA or mortgage broker to establish further details.

"Knowing the product range that is out there is obviously important for borrowers so that they can assess whether the person who is advising them is pushing them towards a product that looks suitable for them within the range available," she explained.

"Shopping around is always important, particularly so when the range of choice is narrowing, as it is at the moment," she added.

The mortgage market has begun to shrink in recent months, with the range of available credit changing in response to the liquidity crisis affecting the global economy.

Moneyfacts claims that in October last year, 40 per cent of mortgage products had "disappeared", with the tighter restrictions on lending likely to see more deals pulled off the market.

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