It is ''always worth'' looking for more competitive mortgage

Consumers should never shy away from investigating more competitive mortgage loan deals.

That is the opinion of the publication Your Mortgage, which has advised mortgage customers to shop around in order to find a deal which costs them less money each month.

Editor Pauline McCallion suggested that it "makes sense" to look around for different mortgage loans in the current financial climate, particularly as the cost of living is becoming increasingly expensive.

She explained: "Just because the mortgage market has contracted over the past six months due to the credit crunch is certainly no reason to just sit back on an uncompetitive rate or a standard variable rate.

"It''s always worth having a look around to see if you can save a bit of money on your mortgage repayments, especially when you bring into consideration other costs that might be increasing at the moment such as food and fuel. The standard of living as a whole is rising at the moment so it makes sense to try and cut costs where you can."

According to the British Bankers Association, the mortgage market increased by seven per cent in the period from March to April this year from £16.6 billion to £17.8 billion.