How Do I Know Which Are The Best Fixed Rate Mortgages?
Who's The Best Buy Source?
The problem with many Best Buy tables is that it is difficult to ascertain who sourced the information, and when it was sourced. There are a lot of good companies who have great relationships with lenders so as to be able to offer you up-to-the-minute rates on the best fixed rate mortgage deals.
However, you cannot be sure that any Best Buy table you just find on the internet is reputable - it might be using old data, it might glean its data in a way so that it is not accurate or the source itself could even be fraudulent - you cannot be sure. Therefore, it is wrong to definitively say that the best fixed rate mortgage deals are all at the top of Best Buy tables.
What Does The Table Tell You?
A table that shows the best fixed rate mortgages will show you the rate, and that's it. That is the definition of 'Best Buy' - it is the cheapest loan you can find. This is fine in principle, but not all loans with a low headline rate are very cheap. It might have a rate as low as 1.99%, for example, but it may carry an arrangement fee of 1%, an early redemption charge of thousands of pounds and penalties that would leave you severely out of pocket. Therefore, is it one of the best fixed rate mortgages just because it is on a Best Buy table? Again, you cannot be sure.
So where are the best fixed rates?
The problem is you can search 'best fixed rate mortgages' all day online but the best mortgage for you isn't going to appear on a search engine. Essentially, 'one size fits all' best fixed mortgages are a misnomer - the best mortgage for someone is a deal that has all the facets they are looking for.
This is not to say that a Best Buy table isn't helpful, it is just that the best buy for you may not appear on any tables you find.
The only place you can truly find the best fixed mortgage deals is with a mortgage adviser. It is our job to compare all the rates on the market, much like a Best Buy table, but unlike a Best Buy table we pick the best deals on more than just the rate.
When you decide what mortgage is best for you, we look at what you want to get out of a mortgage in the long term, how much you have to spend upfront and how much equity you have. In addition to these obvious factors, we also assess how much you earn, how much you are likely to earn in the future, how much debt you have, where you live, what you do for a job - literally every facet of your life is digested and then used to pick the best fixed rate mortgage deals available to you.
* The term 'best' is very restricted within the current regulated market place we operate in. For clarity we access our mortgage deals from a panel of lenders which is representative of the whole market.
Mary Chamberlain was excellent. Thank you to her.
Mr Bell
We do not endorse or accept responsibility for Ads by Google. Note – you may be accessing adverts/websites not regulated by the Financial services Authority
