Bradford &Bingley is urging people looking to
find a remortgage to read the small print.
The
mortgage lender pointed out that many seemingly competitive
mortgage deals on offer actually have quite a few restrictions when one takes a closer look.
"On the surface challenges such as those promoted by
NatWest and
Nationwide appear a winning proposition, however, on closer inspection it could turn out to be a losing one for the borrower," said Duncan Pownall, mortgage development manager for Bradford &Bingley.
He said lowering monthly
mortgage repayments is "easy to achieve" but is "futile" unless it ultimately saves the mortgage holder money over the whole mortgage term.
Mr Pownall pointed out that mortgage holders sometimes end up paying more because of the amount of fees their mortgage lender charge them.
The Bradford &Bingley
Remortgage Challenge claims to be different, as it is open to all mortgage holders looking to find a remortgage.
The mortgage lender says it also aims to help mortgage holders to be saving money over the whole mortgage term through lower arrangement fees and competitive interest rates.
"It's imperative, therefore, that a borrower reads all the small print carefully before signing up to any new deal," Mr Pownall urged.
