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Expert advises to consider the true cost of mortgages

September 30, 2010

Expert advises to consider the true cost of mortgages

Mortgage applicants will be better off if they take the time out to thoroughly research what are option it best for them, it has been suggested.

This could help house-hunters to look beyond headline rates advertised by lenders and actually see the bigger picture involving all the transactions charges and hidden costs, according to Darren Cook, head of press and PR at Moneyfacts.co.uk.

He said: "Calculate exactly how much it is going to cost with fees as well as rate over the term of the mortgage to see which is the better deal.

"Do the sums to make sure that you are getting the best deal on the rates side as well as the fees side."

Recently, a piece of research carried out by moneysupermarket.com found that when borrowing £150,000 at a fixed rate for two years, people could save up to as much as £3,000 if they looked beyond the rate and took into account all the charges involved. 

This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

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