People 'should seek mortgage advice'

Date:Wednesday 6th May 2009
Author: Max Freedman

People looking to get a mortgage should seek advice before they commit to a product, an expert has said.

According to Catherine Hearnden, director at MyMortgageDirect, soliciting advice over mortgages is "more important than ever" at the moment.

She said: "There are so many deals out there, which I think is right, because different deals suit different borrowers. [There are] different loan sizes and different mortgage terms and so many different options out there for different people."

Ms Hearnden added that if people base their decision on offers such as fee-free arrangements, they may lose out on deals that would have worked out cheaper for them over the long term.

The expert made her comments in the wake of the announcement made recently by Yorkshire Bank that, as of May 5th, it would impose no fees on new customers looking to remortgage on various fixed-rate, offset and current account mortgages.