Secured loans customers given mortgage tips
24/01/2008In the current economic climate, those with secured loans may be interested in the advice recently given by Peter O'Donovan, mortgage manager for independent financial advisory firm Bestinvest.
Asked for his thoughts on the outlook for 2008, Mr O'Donovan said the market was still "buoyant" although it was important for borrowers to understand the rules of remortgaging or other financial options they may choose.
He added that while a few years ago it may have been easier to swap mortgages across lenders and only pay a couple of hundred pounds, higher fees are required now and people should keep this in mind if planning a home loan or mortgage product.
"There are still plenty of people looking to buy houses - it's just the cost of doing so," he concluded.
According to the Council of Mortgage Lenders, lenders have re-evaluated the risks related to lending and this has led to less mortgage approvals.
 © Adfero Ltd
<< Back to News page
|