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CML: Don't be tempted by introductory mortgage offers

14 June 2007
The Council of Mortgage Lenders has warned homebuyers to think carefully about tempting mortgage offers which may be discouraging them to shop around for others.

According to spokesperson Christopher Dean, introductory offers can be a "double-edged sword" as they can provide the consumer with a good deal but may be stopping them from getting something better elsewhere.

Buyers are therefore being urged to "keep their eye on the ball" when it comes to obtaining a mortgage and look at the big picture rather than the tempting offer in front of them

His comments come as Halifax Bank of Scotland reported a decline in its new mortgage market share from its traditional 21 per cent to nearly eight per cent.

Mr Dean said: "What they [consumers] really need to do is keep their eye on the ball really, keep their eye out for the products that will suit them and weigh up all the costs and perhaps, not look at just the introductory rate but look at how the product will affect them…over three, five, ten years and whether it will be as attractive then."

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