Home loans
Evening Chronicle (Newcastle, England), Sept 24, 2008
A THIRD of homeowners focus on the interest rate being offered when remortgaging without looking at the overall cost of the loan, a survey showed today.
Magazine Which? Money warned people looking to switch home loan to make sure they look at the total cost of the deal and not simply focus on the headline rate.
It said this could be misleading as the average mortgage arrangement fee is now pounds 1,104.
A survey for the group found 26% of homeowners admitted that they selected their current mortgage based on the interest rate charged, with just 20% looking at the overall cost.
COPYRIGHT 2008 MGN Ltd.
COPYRIGHT 2008 Gale, Cengage Learning
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