Knowledge will help you through mortgage maze
Mortgage lenders say they want our business, but many of them make their loans so complicated it can be well nigh impossible to choose between them.
The range of interest rates, fees, terms and conditions they offer can seem utterly mystifying.
Abbey currently has 89 different mortgages, Scottish Widows 97, C&G 101 and Standard Life an incredible 219, according to financial information provider Moneyfacts.co.uk.
Julia Harris, the site’s mortgage expert, says: “The number of mortgage products offered by some lenders is more than enough to baffle the average man on the street.”
To work out the true cost of each deal, as well as the rates and fees, you have to factor in the associated valuation and legal costs.
And if you need to borrow 90 per cent or more of your property’s valuation, you are also likely to face a higher lending charge.
The answer, of course, is to do your homework.
The more research you do, the less daunting the mortgage choice will become.
Spend a few hours on the internet reading…
Then enlist the help of an independent mortgage adviser…
And you’ll be well on your way to finding the right deal for your needs.
