Consecutive rises in the rate of national interest have caused a significant number of home loan providers to increase the rates of interest tagged to a number of their products.
A survey conducted by a leading financial intermediary has discovered that post Q2 2007 has seen a number of home loan providers increase the cost of their plans by an average of 1%. However, it has been further discovered that of those providers whose rates have increased, the vast majority are only applicable to non-online accessible plans. As a comparative, plans made available through online mediums only appear to have increased by ΒΌ of a percent on average.
One expert commented that the difference in price between loan plans that are currently only offered online is quite astounding. It would appear that some providers are almost penalising individuals who prefer to use the more traditional methods to source finance, offering marked hikes in price over their online counterparts. He further suggested that in order for shoppers to find the best deals, it is absolutely imperative to learn how to use the Internet effectively.
For UK lenders, the Internet has offered an ideal medium for their products to be both sourced and applied for, whilst keeping costs down in the process. For the consumer, the Internet provides a perfect solution to thoroughly search what has become a rapidly expanding market place.
