The Source of Best Fixed Rate Mortgages
It’s difficult to determine the reliability of many online Best Buy tables as it’s often not possible to ascertain who sourced the information. A Best Buy table, unlike a mortgage broker, will often appear to offer consumers accurate data about fixed rate mortgages but may use data which is old, inaccurate or just misleading in order to grab your personal details and sell this information on. Unfortunately there is no way of knowing for certain how reliable this information is, so we cannot depend on Best Buy tables to help us find the best deals on fixed rate mortgages.
Thankfully, there are many good companies who have great relationships with lenders and are therefore able to offer you up-to-the-minute rates on the best fixed rate mortgage deals.
What Does a Best Buy Table Tell You?
If you’re looking for best fixed rate mortgages, a Best Buy table will show you the cheapest loans available. However, whilst this is fine in principle it is not an accurate portrayal of the reality of some seemingly low rate loans.
A loan with a rate at 1.99% may carry arrangement fee of 1%, a redemption charge in the thousands, and penalties which would leave you severely out of pocket. From this example we can see that very low fixed rate mortgages are not so clear cut as Best Buy tables would have us believe and why we suggest you let a broker work out the best deal for you best you’re your circumstances.
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Finding the Best Fixed Rate Mortgages
Unfortunately, searching for ‘best fixed rate mortgages’ online will not present you with the best rates to suit your needs. ‘One size fits all’ fixed rate mortgages are a misnomer – the best rate for you will always be one which has been tailored to fit your individual requirements. If you’re looking for fixed rate mortgages, it’s advisable to seek advice from a mortgage broker who will be able to discuss all of your requirements with you in detail.
The only place you can truly find the best fixed rate mortgages is with a broker. A good broker will assess and compare all of the rates on the market and pick the best deals from more than just one lender – a service which a Best Buy table is unable to offer.
Choosing between Best Rate Mortgages
When deciding which mortgage would be best for you, a good fixed rate mortgage broker will make sure to base this decision on a number of factors so as to find the best rates to suit your needs. Your broker will be looking to assess:
- Your long term goals.
- Your current financial status and equity.
- Your possible future financial status.
- Your demographic, including where you live and what you do for a living.
By taking into account all of the above factors, and more, a decent broker will be able to present you with a choice of fixed rate mortgages which have all been specifically selected to offer you the best fixed rate mortgages possible.
* The term ‘best’ is very restricted within the current regulated market place we operate in. For clarity we access our fixed rate mortgages deals from a panel of lenders which are representative of the whole market.
We have found that Nadine had provided fantastic service. She has always been prompt with updates and always comes across as happy to help. This and several other factors have helped and reassure us as first time buyers from day one. We would recommend The Mortgage Broker to our friends. (13/11/14)
Each member of the team that I have had contact with have been very friendly and helpful. Damian Richards especially, instantly put me at ease and has answered any questions, keeping me up to date at all times. Likewise Karen has been very helpful with updates. I will most certainly recommend your company. (07/11/14)
Very happy with the service I received, Jodi has been a star and massively helpful. Thanks. (17/11/14)
Sonia Murray has been extremely efficient, but the main reason I would come back to The Mortgage Broker is Mary Chamberlain. She’s an excellent mortgage broker and her customer care is outstanding. (27/10/14)
Service from the team at The Mortgage Broker is outstanding. This is the 3rd time I have used you to arrange my mortgage and I will continue to do so and regularly recommend you to my friends and colleagues. My expectations are surpassed every time. Thank you. (10/11/14)