Those looking to purchase a home should research all available mortgage rates before putting pen to paper on a deal.
This is the suggestion of Michael Ossei, personal finance expert at uSwitch – an online and phone-based comparison service – who explained individuals may uncover the most cost-effective home loan arrangements if they take their time rather than rushing in.
His comments come in response to news that Santander is upping its standard variable rate in October, increasing the level by 0.5 per cent to 4.74 per cent.
Mr Ossei stated: “Any homeowners worried about their mortgage payments should make sure they do their homework to make sure they get the best deal possible to suit their needs.”
He observed the Santander rate hike serves as another blow for householders, who have already seen a number of deals follow the same path in 2012.
According to Mr Ossei, the announcement should act as a warning to homeowners, reminding them that mortgage rates could climb at any time, with providers giving little notice of what their intentions are.
