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Moneyfacts: Log on to find a mortgage

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With some 55 per cent of people expected to try to find a mortgage for a new or first property this year, Moneyfacts is advising them to use the internet to shop around for the best deal.

The financial information provider found that eight in ten internet savvy consumers will be reassessing their finances this year by trying to find a competitive deal online.

Shopping around for the right mortgage should be taken seriously as this is an area where consumers can save themselves tens of thousand of pounds over the term of their loan, said the website's editor, Emma Butler.

She says with the average standard variable rate (SVR) currently at 6.45 per cent, the monthly cost of a �100,000 repayment mortgage over 25 years will amount to �672.09.

However, she points out that mortgage rates of 4.5 per cent are available on the Moneyfacts best buy tables.

If mortgage holders with a 25-year repayment mortgage choose this mortgage rate, their monthly repayments will be �555.83, Ms Butler continues.

This will mean they are saving �116.26 every month, which amounts to savings of �34,878 over the full period of the mortgage .

Moneyfacts is an independent financial website where users can compare different deals on mortgages, credit cards, savings accounts and personal loans in order to get the best value.

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