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Beware the small print in financial agreements!

While we are starting to see a resemblance of some competition in the UK mortgage market, with many headline rates heading south, there is concern that many consumers may not check the small print. It has become evident over the last few months that, perfectly legally, many financial institutions have sought to grab the headlines and place themselves in the news by reducing headline rates and headline costs. However, many people have found the situation to be slightly different to that which they understood when trying to apply for these new "deals".

Whether you are applying for a mortgage, credit card, a loan or any other kind of financial arrangement it is vital that you check the small print as well as the headline details. For example, we saw a number of mortgage providers stepping forward with significantly reduced rates although on further inspection the low rates were only available to those with substantial deposits. This is the kind of strategy which many banks and financial institutions will use to catch your attention and get you to contact them.

The likelihood is that once you have contacted them, even if their rates vary slightly because of your own circumstances, you will at least consider their proposition.

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