FCA say more needs to be done to help buyers find cheaper mortgages

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Finding the right mortgage

Mortgage debt accounts for more than 80% of total UK household liabilities, so selecting the right mortgage deal is one of the most important financial decisions home buyers have to make.

The Financial Conduct Authority (FCA) plans to make it easier for mortgage borrowers to shop around after it found that nearly one in three people fail to find the cheapest mortgage deal. On average buyers could be saving £550 per year by being able to identify the cheapest mortgage deal, however, about 30% of buyers fail to find the right mortgage and many are now classed as ‘mortgage prisoners’ trapped in interest only deals that they took out before the financial crisis.

The FCA wants to make it easier for people to compare mortgage brokers and have access to more online tools, they want to help those who have kept up-to-date with their mortgage repayments and yet are unable to obtain a new mortgage deal.

With many people looking to upsize, downsize or relocate they need to have the confidence and freedom to move home knowing that they can obtain the best possible mortgage deal for them.

At Ogilvie Homes, we use industry accredited Independent Financial Advisors who can offer an array of free advice and unbiased information to help you achieve the mortgage that’s right for you.

Premier Choice mortgages are just one of our associates and are happy to help you find the right deal when buying your new Ogilvie home. You can speak to our sales advisors at the development or email info@premierchoicemortgages.co.uk 

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