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CML: Borrowers need to shop around
20 March 2008 11:30
Borrowers should shop around for a suitable mortgage, the Council of Mortgage Lenders (CML) has advised, as well as considering what type of product best meets their needs.
Spokesperson Sue Anderson urged people to research the market thoroughly to see what type of mortgages are available, explaining that this is particularly important at a time when the range of available products is shrinking.
Yet she said that there is no identikit set of features that first-time buyers (FTBs) need to look for in a product and that they must decide what suits them based on their readiness to take risks, their need for certainty and the likelihood of the base rate rising or falling.
Ms Anderson did note, however, that while FTBs have tended to go more for fixed-rates recently, there is currently a greater appetite for trackers among them than usual due to a degree of anticipation that the base rate may fall again this year.
These more adventurous borrowers will have been heartened by the new discovery that two rather than one of the Bank of England's Monetary Policy of Committee voted in favour of a rate cut this month, raising the probability of one occurring in April.
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