Experts are reminding consumers that even though working with a broker can be helpful, they should still seek out low interest loans on their own. Not all lenders work with brokers and by failing to shop around, consumers may be missing out on low interest loans deals. The same is true for consumers that are relying on their favorite banks to offer them the best low interest loan, when in many cases, they will end up paying too much as a result.
Michelle Slade of MoneyFacts stated, “Particularly when shopping for a mortgage, customers need to make sure they do their homework in order to secure the best deal possible. Mortgage brokers do not have access to 100% of deals, so borrowers should make sure they are aware of what deals are available direct from lenders.
“The institutions are keen to tempt savings and current account customers through their doors and as a result have made switching as easy as possible. Current account institutions have switcher services which transfer your existing regular payments for you.
“The banks are not loyal to you, so why should you be loyal to them?”
Related reading: Low Interest Loan
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