Obtaining a true mortgage comparison is very difficult unless you contact an independent mortgage adviser. Your mortgage comparison should not purely be about the rate, it should also include any arrangement fees on the mortgage, the cost of any mortgage survey and any incentives that the lender may offer. It also makes sense to look at the term of any fixed deal and the rate you may revert to at the end of any initial deal period. A mortgage comparison based purely on rate is only half the story.
In this modern world we would expect to be able to look at comparison websites much the same as when you renew your car insurance but this is not always going to give you an accurate comparison. Lending criteria differs vastly between lenders so while one lender may be offering the cheapest rate they may not actually be able lend you the money you need for your property. Also, if your circumstances are slightly outside the normal parameters then you may need to be looking for a slightly more niche mortgage comparison and many do not offer filters for contractors, self employed earnings, residency visas and such like.
By obtaining independent advice you will ensure that you get the best deal which works for you and that you can afford. For example, if you’re willing to pay an upfront arrangement fee, you can often get a lower interest rate. If you go for a fee-free mortgage, you’ll probably have to pay a higher rate. Our mortgage advisers have access to a mortgage comparison software that is continually updated and contains exclusive deals and offers so you can have the confidence you are getting the most accurate comparison for you.
When looking at your mortgage comparison you should also factor in lender incentives and flexible options that could work for your individual circumstances. For example you may need a mortgage where you can make overpayments, underpayments or take a payment holiday, or you may need a lender that can offer part of the loan on an interest only basis and further down the line you may be thinking about a house move further and need a portable option. By falling for the trap of just looking for the cheapest rate you may end up paying more in the long run if the mortgage is not right for your needs.
At Choice Mortgage Solutions we provide mortgage comparisons for clients on a daily basis. Once we get to know your individual circumstances, we can provide you with a comparison of different rates, terms or fixed rates periods and explain why we think a lender will work for you. We can do this face to face in our offices, by phone, email or via our secure portal so there will always be an option to suit a busy lifestyle.
If you need a mortgage comparison or to see if we could get you the best mortgage deal then please do get in touch or call one of our friendly advisers on 0800 612 8099.
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