Buyers should move quickly on mortgage deals

Homebuyers in the UK should make sure that they are securing good deals on mortgages whenever they see them, as these prices and rates of interest will not always hang around for long.

According to uSwitch, the recent pulling of HSBC's lowest five year fixed rate 2.99 per cent deal, which was a market leader, shows that lenders are not keen to give good rates over a long period of time.

Michael Ossei, personal finance expert at uSwitch.com, said: "Unfortunately good rates like this don't tend to stay on the market for very long so when you do see a good deal it's best to act quickly or risk missing out.

He went on to advise anyone who can afford to get themselves a mortgage to do so as early as possible to make sure that they are not having to settle for more expensive products further down the line when they are buying their home.