Borrowers 'must be patient' in current market
Thursday, 13th November 2008

Customers looking for the best mortgage rates in the current market must be patient and avoid headline-grabbing deals for the time being, according to a sector specialist.

Head of mortgages at moneysupermarket.com Louise Cuming said that people should take into account that changing to a fixed-rate deal could incur a percentage fee which would knock off the bonus provided.

She added that people should look into the full rate provided by their bank or building society, making sure to shop around to see if there was a deal more applicable to their circumstances.

Ms Cuming continued: "This isn't just the lowest number in the high street window, borrowers must factor in the arrangement fee, deposit required and whether or not their credit record will enable them to get the deal they want."

Last week, moneysupermarket.com criticised lenders for their "deafening silence" over whether or not they would be passing on last month's 0.5 per cent base rate cut.