You may have been attracted to the rock bottom mortgage rates that you see advertised by lenders in newspapers, on the TV and on the back of buses. These are not always the cheapest as you can often be stung by high product fee’s which will put the overall cost up.
Normally, if you have a smaller mortgage it my be worth paying a higher interest rate which normally have lower fee’s, by contrast those with larger mortgages are better off taking a lower rate with a higher fee. There are other fee’s involved with taking out a mortgage that will hugely vary, typically valuation, booking, application and early redemption fee’s.
I also feel it is very important to take into consideration the mortgage lenders standard variable rate. At the time of taking out a mortgage this may not seem important at the time, but at the end of the discounted or fixed rate period you will start paying the lenders variable rate whatever that is at the time. A lot of people take the view, all I will need to do is re-mortgage to switch to a better deal, but what if you can’t because of a change in circumstances, you would be stuck paying possibly an uncompetitive variable rate or whatever else your lender might offer you. The differences in these rates vary from below 4% to above 5% and can have a large effect on the monthly mortgage payments.
At Westexe Mortgages we have invested heavily in ensuring that we have the most up to date mortgage sourcing programme. Not only does this allow us to identify the best possible rate at any time for our customers, but it allows us the opportunity to calculate the real cost of a mortgage including fee’s over the chosen product period and over the whole term of the mortgage. We tailor our quotes to match our clients individual circumstances and needs, allowing them to make a fully informed decision.
Please remember a consultation with unlimited advice is always free without any obligation at Westexe Mortgages, we do not charge any upfront fee’s for this.