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Keep looking to find a mortgage, says expert

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Keep shopping around while you are trying to find a mortgage that best suits your needs, one mortgage analyst advises.

Although your current financial circumstances may prevent you from taking advantage of offset or current account mortgages, don't dismiss them completely, says Rachel McKay, mortgage expert at financial website Moneyfacts.

With professional financial planning, they may still prove to be a beneficial option to consider in the future.

She says that even if an offset mortgage or current account mortgage is not the best option at the moment for someone trying to find a mortgage, they can save money by opting for a fixed rate mortgage or a discounted deal.

By shopping around for a good deal for the first couple of years of your loan, you will be keeping your repayment costs to a minimum, Ms McKay points out.

At the end of the initial mortgage deal, the mortgage holder's income may have increased and a better financial situation might put them in a position to reconsider their type of mortgage, according to the expert.

Using savings or making overpayments may then be feasible options to try to reduce the cost of mortgage interest or to shorten the mortgage term, she says.

By staying aware of what is happening on mortgage best buy tables and by seeking regular independent financial advice, mortgage holders should ensure their mortgage is the one that best suits their individual circumstances, Ms McKay concludes.

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