Mortgage seekers told to act fast

People deciding on a new Mortgage have been urged to act fast by brokers as deals are changing quickly.

Over a million fixed-rate deals are due to expire in 2008 and brokers are saying to snap up a deal as quickly as possible before they are pulled.

A survey by Mortgage Monitor has also revealed that one in 20 people who are on fixed-rate deals say they do not know how they are going to meet repayments when their current deal expires.

The poll also revealed that five per cent of people had become physically ill while worrying about their mortgages.

Mortgage providers are now becoming more careful to spread their custom over different mortgage products and competitive deals are being pulled at short notice.

David Hollingworth, of London and Country Mortgages, said: "They are being much more careful about who they are lending to and how much business they take."

London and Country Mortgages offers fee-free mortgage advice.

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