Upper Bann Sinn Féin Sinn Féin -- Building an Ireland of Equals

O'Dowd urges mortgage holders to shop around

Published: 16 November, 2017

Sinn Féin MLA John O'Dowd has urged mortgage holders to shop around for better deals on their current mortgage or when a fixed term deal comes to an end.

Mr O' Dowd was speaking after advising one of his constituent's to shop around after their bank increased his mortgage repayment by £60 a month.

Mr O'Dowd said:

"When a 2 year fixed rate deal came to end the bank did not inform their customer that a better deal was available and as a result my constituent faced a £60 a month hike in his repayments.

"However I advised him to shop around and a quick online search revealed that there were better deals available across a range of lenders including his existing mortgage lender. As a result, he swapped deals and managed to save £1400 over 2 years on his mortgage repayments.

"The recent Bank of England interest rate hike may leave borrowers with the view that their options have been reduced when it comes to getting a better deal on their current mortgage.

"This is clearly not the case.

Concluding Mr O'Dowd said;

"Do not let the banks or other lenders rip you off.

"My constituent will save £1400 over 2 years and has the potential to save him and his family £7000 over the 10 years remaining on his mortgage, all because he did a quick online search for a better deal."