Shop around for best mortgage deal

First time buyers (FTBs) are being advised to shop around for the best mortgage deal following the publication of research by Moneyfacts.

The firm has revealed that the top ten mortgage lenders offer only 27 of the 250 best deals on the market.

That translates to just 11 per cent and means that most borrowers could find themselves a better deal by looking beyond the lenders who advertise the most.

"It is shocking to see that so few of the top priced mortgage deals are offered by the largest mortgage lenders," said Julia Harris from Moneyfacts.

"Despite the vast amount of information in the public domain and the still prominent role of the financial adviser, brand and high street values still seem to be winning customers.

"Making one of your biggest financial decisions should not be based upon brand or the perceived convenience of your existing lender. It should be about finding the most competitive and suitable deal… Take the time to shop around and don't assume that bigger means better," she added.

It was recently revealed by GE Home Money Lending that tracker-rate mortgages are growing in popularity again as confidence grows that the base rate of interest has peaked.

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