The best mortgage ?

Homeowners do not always resource the best mortgage on offer according to a new survey. A study by money supermarket reveal that 29 % of borrowers chose a mortgage from their existing provider. Forty-three per cent of British homeowners do not compare all mortgages on the market before buying a product, with just one in five borowers comparing deals across several lenders.

The survey also revealed that 82 per cent looked for low interest rates and only 41 % looked for low or no fees.

Samantha Cook of Loanwise explained " By not taking into account fees, borowers could be paying as much as £2,080 worse off by simply concentrating on the lowest rates. A mortgage broker is able to source from across the market place and will take into account all of the clients details and requrements. The borrower should be made aware of the true cost of the borowing.