The credit crunch has made shopping around for a new mortgage more important than ever.

That is the view of the Council of Mortgage Lenders (CML), which is urging homeowners to research the market as credit conditions tighten.

The current economic turmoil has lenders seeking to limit their exposure, which means higher rates of repayments and restricted lending criteria.

"Shopping around is always important, particularly so when the range of choice is narrowing, as it is at the moment," said Sue Anderson of the Council of Mortgage Lenders (CML).

"Knowing the product range that is out there is obviously important for borrowers so that they can assess whether the person who is advising them is pushing them towards a product that looks suitable for them within the range available."

As well as finding a cheaper mortgage, homeowners can also get their home and car insurance and utility bills down by shopping around for the best deal.

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