Mortgages - Simple Steps To The Best Deal
If you're looking for a new mortgage it can be a real pain trying to work out if the deal you're being offered really is the best. As with all financial products, mortgage providers have become very adept at dressing up their products to look appealing whilst behind the scenes manipulating the terms to maximise profits.
So how can you tell what's right for you and which products will leave you with egg on your face?
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There are a few simple rules to follow which might help;
1. The headline rate isn't everything.
Don't be tempted by the headline rate alone. There are products out there that offer extremely low rates for an initial period. Indeed, the Yorkshire Building Society even offer a product at 0% for the first six months. This can look attractive if you're hard pressed and need as much cash as possible when moving but in the longer term these products may not be the best. And remember, if you're taking out a capital and interest (repayment) mortgage you will still have to make payments of the capital each month even if the interest rate is zero.
2. What happens when the initial rate ends?
Understand what happens at the end of any special rate period. Most of the really low rate products on the market will require you to revert to the normal variable rate at the end of the initial period. They will usually also impose a penalty if you wish to repay the mortgage early. This means that, whilst the initial rate period may be very attractive, at the end of that period you will be required to pay at standard rates and will be penalised heavily if you remortgage to another lender.
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Typical 15.9%
