Taking out mortgage advice is more important than ever in the current financial climate, says one expert.
Catherine Hearnden, director at MyMortgageDirect, believes some people find it difficult to work out the true cost of a mortgage.
"If you just go for rate only or the fact that it's fee-free only, then you're not always going to make the best decision. You need to make the comparisons," she advises.
There are so many deals for people to choose from, it is necessary for people to determine which is right for them, Ms Hearnden adds.
The British Bankers' Association reported on April 27th 2009 that 26,097 new mortgages were approved in March 2009 – down from the previous month's seasonally adjusted figure of 28,024.
Gross mortgage lending in March 2009 was £8.9 billion, while February 2009's seasonally-adjusted figure was £9.2 billion.
Furthermore, the average value of a new mortgage was £128,600 in March.
See Also: Property News (6705)
Date Published: 06 May 2009
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