Mortgage Lenders

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Mortgages are giant business - & every giant financial institution will offer several types of loan for purchasing property. It is a nice suggestion to check out as lots of different lenders as feasible before making a call - specialists repeat the phrase 'shop around' like a mantra these days & you could save yourself lots of money by comparing what is on offer.

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Walk in to any high street bank or building society & mention that you are looking for a mortgage, & you are likely to be bombarded with leaflets, if not hurried in to a private office to meet their mortgage advisor.

Your own bank could be a nice place to start - if you have banked with them for some time & have a nice financial record they may be more confident about loaning you a giant amount of money such as a mortgage. However, with comparatively low rates of interest & a booming market, these days the competition among lenders is fierce & you may discover a better deal elsewhere. Don't feel that you require to make use of the same bank for your mortgage as for your personal account.

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There's various sites that produce tables of comparative mortgage offers - type 'mortgage' in to your search engine & see the amount of results you pull up. 'Which', the journal of the Consumer's Association, is a reliable source of knowledge on the current market. Check their net site for guides on 'Which mortgage' at http://www.which.co.uk

The financial pages in newspapers over adverts as well as news on the latest deals - beware though of being seduced by adverts promising low rates without giving all the details - there is more to finding the right mortgage than picking the best rate. The bank are likely to promote their lowest rate, & you are likely to must meet positive criteria before qualifying for that particular deal. Check for things like hidden clauses or Higher Lending Charges - these are one-off charges applied to some deals that are supposedly to cover insurance protection for the bank when they lend to you. They won't, however, provide the lender with any security!



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