People on a standard variable rate (SVR) mortgage might lose out if they switch to another deal, according to one expert.
Louise Cuming, head of mortgages at Moneysupermarket.com, explained that in changing to a fixed rate deal people will incur a fee and this may wipe out any savings they make.
She advised people to do their homework and shop around to make sure they are getting the best possible mortgage they can.
"This isn't just the lowest number in the high street window, borrowers must factor in the arrangement fee [and] deposit required," Ms Cuming said.
People must also consider if their credit record will allow them to get the mortgage they want, she added.
Yesterday, Michelle Slade, analyst at Moneyfacts.co.uk, claimed there is currently too much of a gap between the interest rates of fixed rate mortgages and the cost of funding such deals to lenders .
She called on banks to cut the cost of such mortgages.
SVR mortgages not so bad, expert states
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SVR mortgages not so bad, expert states
Fri, 14 Nov 2008
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