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 mortgages. But then 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 and it might even be a fraud - you cannot be sure. So it is wrong to definitively say that the best fixed rate mortgages 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. So 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, there are no 'best fixed rate mortgages' because it is a misnomer - the best mortgage for someone is one deal that has all the facets they are looking for. That 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 rate mortgages is with a mortgage adviser. It is their job to compare all the rates on the market, much like a Best Buy table, but unlike a Best Buy table they pick the best deals on more than just the rate. They look at what you want to get out of a mortgage in the long term, how much you have to spend upfront, how much equity you have but they 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 mortgages for you.
Latest Fixed Rate Deals | |||||||
| Deal | Initial Rate | Rate Ends | Revert To Rate | APR | Early Repayment Charge | Product Fee | More Info |
|---|---|---|---|---|---|---|---|
| 2 Years | 3.59% | 30/06/2012 | BBR + 1.99% (SVR) | 2.8% | 3% | £199 |  |
| 3 Years | 4.29% | 30/06/2013 | BBR + 1.99% (SVR) | 3.0% | 3% | £199 |  |
| 4 Years | 4.49% | 02/06/2014 | 4.24% (SVR) | 4.5% | 4% | £995 | |
| 5 Years | 4.99% | 30/06/2015 | BBR + 1.99% (SVR) | 3.7% | 3% | £999 | |
"As a first time buyer I was overwhelmed and a little confused with all the mortgage products available through high street banks & building societies but after a simple, no pressure call to The Mortgage Broker, I felt more confident about choosing the right mortgage. A friendly, knowledgeable and professional service at all times, thank you."
Mr Bruno, St Neots
