Look beyond mortgage rates and consider fees too.

Mortgage rates are the single most important factor for most people looking for a new deal, but is this short sighted?

While the mortgage rate you achieve is of utmost importance, it is a mistake not to also consider the fee you will be charged.

Yes the lower the rate you achieve the lower your monthly repayments will be, however for the lowest rate you could end up paying the highest fees. When you factor a high fee into your costs, you may actually find that you are worse off.

With rising swap rates lenders are likely to come under increasing pressure to raise mortgage rates to cover their extra funding costs. A higher headline rate is not going to look so appealing so initially increases may come in the form of higher fees.

When looking for a deal is it therefore vital to consider the fee against the mortgage rate offered.

'Like for like' mortgage comparison is essential.

When looking for a mortgage review all products on a 'like for like' basis, as that way you get a true reflection of how much you will actually end up repaying. You may find that overall a higher rate with a lower fee works out more affordable.

However calculating out the true cost of a mortgage can be a tricky business, and getting it wrong can cost you a lot extra over your mortgage term.

You are therefore advised to speak to an impartial mortgage expert who can compare all products on your behalf, to work out which would be the best mortgage for your circumstances.

Don't be seduced by a ultra low headline rate, consider all the costs and charges before signing on the dotted line.

Call for advice on 0800 048 8828.