Homeowners should check mortgage options 'at least three months' in advance

Homeowners need to consider the various mortgage options open to them about three months before their current deal is due to expire, according to Cheltenham and Gloucester.

Those who are looking to get a new mortgage on their existing home and first-time buyers should check deals online, and do their research as well, the marketing director of C&G has said.

Stephen Noakes, marketing director at C&G, explained that there are a lot of options available to people searching for a mortgage.

He advised that in addition to looking online, people could "walk up and down the high street, and see the different deals that are available, [and] they can go and speak to a mortgage broker".

Mr Noakes did admit that there are a "number of criteria" which they, and other lenders, use to determine eligibility and said that it is important for people to "understand their own position" and the choices that are open to them.

The Council of Mortgage Lenders revealed that 47,000 home loans were approved in June 2008 which was down from 52,000 in May.

Mortgages News posted on 04/09/2008 13:00:33