If you are in the market for a mortgage, it makes sense to widen your search for finance as far as possible.
It may be time to think beyond the ‘big five’ mortgage providers.
Yes, it is easier said than done. We do seem to be creatures of financial habit.
We don’t even like to switch utility providers much, even though statistics show that consumers, according to The Commission for Regulation of Utilities [CRU], who switched or renegotiated every year for the last four years could have saved €704 on gas, €1,097 on electricity or €1,696 on their dual fuel costs.
The CRU, data goes on to suggest that hundreds of thousands of consumers continue to miss out on potential savings
Perhaps we need to adapt something of the attitude we take when we book airline travel. We are instinctively drawn to that bargain price, aren’t we?
In recent times new mortgage lenders have entered the market – so now is a good time to shop around.
The new arrivals offer very competitive rates and don’t have the legacy issues of some of the big 5.
Not only are the new entrants competitive they offer greater flexibilty.
One, for instance, offers an option to take a three-month break in payments, up to three times throughout the mortgage term.
Another offers loans to those who are self-employed and those with credit histories that mean a straightforward bank mortgage is a struggle.
As ever, where there is more choice on offer, there is also more confusion. Who should you go with? The tried and trusted or the new with the latest exciting offer?
As ever, where there is more choice on offer, there is also more confusion. Who should you go with? The tried and trusted or the new with the latest exciting offer?
As in all areas of finance, get some independent advice.
Claire Mason
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