Sue Anderson, a spokesperson for the Council of Mortgage Lenders (CML), explained that as the number of deals on offer falls, borrowers should make sure they are researching the market fully.
Ms Anderson said: “Shopping around is always important, particularly so when the range of choice is narrowing, as it is at the moment.”
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She added: “Knowing the product range that is out there is obviously important for borrowers.”
By equipping themselves with the relevant knowledge, consumers will be able to tell if a product is suitable for them before they take it out, even if they are going through a financial adviser.
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Last month, the CML reported that consumers are increasingly looking to tracker-rates mortgages, hoping for a fall in interest rates which would then cut their payments.
It found that in January fixed-rate mortgages represented just 57 per cent of loans taken out that month, 20 per cent less than six months earlier.
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