Misleading Mortgage Rates: Are You Really Getting The Best Deal?

07-Mar-2018

 

When a highly attractive low mortgage rate pops up across comparison sites, it can be tempting to snap it up but latest industry research has confirmed that the lowest headline rate is not always the cheapest option. Unfortunately for the borrowers taking up these appealing offers, it is likely they will fall victim to substantial fees during the lifetime of the mortgage arrangement.

 

Leading interest rate researchers and financial publications are now calling for greater transparency and have highlighted the need for a true cost metric to be introduced across the industry. Commenting on the ambiguity posed by many lenders, Pete Chappell, D&G Independent’s mortgage specialist, said:

 

“As mortgage experts, we have been aware for some time that all that glitters is not gold when it comes to advertised interest rates! By the time you factor in additional fees, these low interest deals can cost upwards of £1,000 when compared to higher alternatives.

 

“Some deals come with a host of complexities and, when identifying the best deals, we urge our customers to consider the bigger picture and take into account additional fees so they can get the best outcome. As a company that prides itself on offering honest and impartial advice, we welcome any changes that ensure the industry operates with complete transparency. For many people, understanding the complexities of the fees associated with their mortgage arrangement whilst at the same time managing a property move, is highly challenging. We therefore recommend they seek professional advice from the outset to ensure they enjoy the most suitable deal for the lifetime of their mortgage arrangement.”

 

Your initial mortgage consultation with D&G Independent Limited is completely free of charge, with no obligation. To arrange an appointment, please call 01352 754272.

 

 

 

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