The advertised price of some fixed-rate mortgages may not be available to all borrowers, one expert has said, suggesting that potential property owners seek professional advice.
Homeowners should seek advice to ensure that they gain access to the best-priced mortgages, broker Alexander Hall has said.
The mortgage specialist explained that the advertised best buy prices reported in the media over recent weeks are not always available to all customers, often relying on a high LTV rate.
Andy Pratt, chief executive at Alexander Hall, said that although advertised fixed-rates may look appealing to borrowers, customers need to look beyond the headline figures.
"At the moment you have got to be very careful and be talking to a broker because the headline deals that are being quoted in some best buy tables in the press are really only available to certain people; mainly driven by loan-to-value," he commented.
"A mortgage with a 40 percent debt is likely to get a much more favourable deal than another - which, to a degree, has always been the case. There are quite big differentials between the rates so you need to shop around and take advice before deciding on which one to move forward with."
Recent figures from the British Bankers' Association (BBA) found that mortgage approvals rose by 16.1 percent in February, while similar findings reported by the Bank of England found a 19 percent increase in approvals.
