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Look around for competitive mortgage rate, says expert

There is no reason to settle for an uncompetitive mortgage rate, according to one expert.Editor of Your Mortgage, Pauline McCallion, has pointed out that many banks and building societies admit that they will only lend to certain types of customers.Ms McCallion explained that while the cost of living is going up, it made sense to strive to make savings elsewhere.She said: "Just because the mortgage market has contracted over the past six months due to the credit crunch is certainly no reason to just sit back on an uncompetitive rate or a standard variable rate."It's always worth having a look around to see if you can save a bit of money on your mortgage repayments."According to a July 2007 report from the Financial Services Authority, 1.4 million people are due to come off fixed-rate mortgage deals in 2008.

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