Low rates versus high fees – why using a mortgage broker makes sense.

Rates may have tumbled to unprecedented lows but lenders have hiked mortgage fees to a two-year high. Using mortgage broker Deal Direct can help you work out which mortgage is best for you, and help you avoid making a costly mistake.

Lenders are competing fiercely with each other to get your business. Deals can appear to be really attractive, with ultra-low rates attracting your interest and drawing you in.  While going for one of these very low rates might seem like a sensible thing to do, you need to work out if they really are the most competitive product overall.

The question is - if you go for the lowest mortgage rate, will you really pay less in the long term? What other factors do you need to consider?

It is very important to take the lender’s fee into account. Fees have been hiked over the last two years as mortgage rates have dropped. Averaging out the cost of the fee plus the mortgage rate could mean you pay more during your mortgage term.

How do you get the best deal?

As a ‘whole of market’ broker, Deal Direct compares all the products for you on a like for like basis. This means that you are aware of all of the costs involved before you accept an offer.

If you would like us to search the market on your behalf to find the best deal ideally suited to your circumstances, give one of our impartial advisers a call today. 

For advice and a low rate quote call us on 0880 048 8828.