Ensure you make a mortgage comparison it could save you £1000's in overall costs.

Those who do a mortgage comparison of all the latest rates should look at the whole package being offered. Often mortgage lenders grab borrowers attention with headline mortgage rates that look outstanding but on closer inspection of the interest rate with the arrangement fees and expected deposits it is not always the best deal.

Arrangement fees have been soaring in recent months and typical fees can be as much as £1999 so it is in the interest of borrowers to ensure they carry out a mortgage comparison of the lenders fees as a mortgage with a low interest rate and high arrangement fee could be a far worse deal than a mortgage with a slightly higher interest rate but a lower or fee free mortgage.

Recent figures have shown that when taking out a mortgage of 60 per cent LTV (loan to value) the fees have risen by as much as 42 per cent where for first time buyers opting for 95 per cent or 90 per cent LTV the arrangement fees are 11 per cent higher at between £893 to £995.

It is also desirable to compare the APR (annual percentage rate) of the mortgage as it takes into account not only the interest rate being offered but the length of term the mortgage is taken out for.

In the excitement of buying a house it is often easy to disregard all of the terms of the mortgage as this could be quite a expensive and long term mistake as some lenders also charge large amounts for legal and valuation fees on top of their already high arrangement fee.

Deal Direct are mortgage experts, we are able to look at the whole mortgage market and carry out a thorough mortgage comparison of all of the lenders offers. It's free to enquire so why not ask us to find you the best deal.

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