Recent article in FT Adviser brought this subject back to our daily office discussions. Nowadays, clients come to see us with certain expectations, often after conducting their own research on line or after seeing media adverts. Some will compare their deal with those of a friend or a neighbour and will question our recommendation (rightly so!) and why they do not get the lowest interest rate out there.
It is worth remembering that there are several factors impacting on the ‘’price’’ of your mortgage:
· The amount of equity you have in your property;
· The amount of initial and upfront fees you need to pay (such as application or booking fee, valuation fee, higher lending charge, broker fees, cashback and if it offers access to free legal service);
· The period of fixed rate;
So - called ‘’Best Buy’’ tables available on various comparison sites or as add on to other websites are often misleading. What I would certainly say is that you are unlikely to find the Best Buy for you at the top of a Best Buy table, particularly if it has been put together by a computer.
For best mortgage advice contact your independent mortgage advisor and call us here at Haverfords. Initial advice is always free, and we charge a £249 once- in-a -life - time fee on your first mortgage application with us.
Independent Mortgage and Protection Adviser at Haverfords