Big Lenders Dont Always Have The Best Mortgage Deal

by Mark Johnston

Many UK borrowers either go to their bank for their home loans or to one of the big high street names like the Halifax, Santander, Northern Rock or HSBC. A recent report has suggested that the big lenders may not always be the best or the most cost effective. Many smaller providers are managing to top to best buy tables with their mortgage offerings and provide some fantastic deals.

The report published recently showed that less than 150 deals from the top 500 deals on the market came from a big lender. Many borrowers may be shocked by this revelation especially since over 75% come from the leading names on the high street.

 

A spokes person for the company that commissioned the reports said: “At a time when the cost of mortgages continues to rise, these results show that it is even more important for borrowers to shop around to get the best deal. When selecting a new mortgage deal, borrowers should ensure they look at the true cost of the mortgage, including the fee. A deal with a low rate, but a high fee could work out more expensive than a slightly higher rate with a much lower fee.”

Mortgagerates.org.uk have reported in past articles that borrowers looking for a good deal should always shop around and explore every part of the market before making a decision. Its always worth taking advice from a mortgage broker to see what’s out there but do some investigating on the internet as not all deals are available via brokers some require borrowers to apply direct to the bank and building society. Price comparison websites are a good start but even these don’t look at the whole market.

 

Both the Clydesdale bank and the Leeds Building Society are topping the discount mortgage tables with a 2.59% and 2.6% variable home loan. Both options have a £999 fee and last for two years. The Clydesdale mortgage has a 65% loan to value whilst the Leeds loan only requires a deposit of 25% as it has a 75% loan to value.

Those looking for a first time buyer mortgage that only requires a smaller deposit should check out Norwich and Peterborough. They have a two year discount mortgage at 2.59% which has a 85% loan to value so the deposit is a lot smaller than other loans. The smaller providers all top the tables for those looking for loans that require smaller deposits.

Melton Mowbray Building Society has a 2.99% two year discount with a £998 fee and a 85% loan to value. The great news is that there is no early repayment charge payable on the mortgage.

Principality has the cheapest fixed rate mortgage for first time buyers at just 3.99%. They require a 15% deposit and a £999 fee but the 2 year fix at this price is not something that would be home owners may be able to pass by.

Those looking for a first time buyer mortgage that only requires a smaller deposit should check out Norwich and Peterborough. They have a two year discount mortgage at 2.59% which has a 85% loan to value so the deposit is a lot smaller than other loans. The smaller providers all top the tables for those looking for loans that require smaller deposits.

Melton Mowbray Building Society has a 2.99% two year discount with a £998 fee and a 85% loan to value. The great news is that there is no early repayment charge payable on the mortgage.

Principality has the cheapest fixed rate mortgage for first time buyers at just 3.99%. They require a 15% deposit and a £999 fee but the 2 year fix at this price is not something that would be home owners may be able to pass by.

 

Both the Clydesdale bank and the Leeds Building Society are topping the discount mortgage tables with a 2.59% and 2.6% variable home loan. Both options have a £999 fee and last for two years. The Clydesdale mortgage has a 65% loan to value whilst the Leeds loan only requires a deposit of 25% as it has a 75% loan to value.

Both the Clydesdale bank and the Leeds Building Society are topping the discount mortgage tables with a 2.59% and 2.6% variable home loan. Both options have a £999 fee and last for two years. The Clydesdale mortgage has a 65% loan to value whilst the Leeds loan only requires a deposit of 25% as it has a 75% loan to value.

Those looking for a first time buyer mortgage that only requires a smaller deposit should check out Norwich and Peterborough. They have a two year discount mortgage at 2.59% which has a 85% loan to value so the deposit is a lot smaller than other loans. The smaller providers all top the tables for those looking for loans that require smaller deposits.

Melton Mowbray Building Society has a 2.99% two year discount with a £998 fee and a 85% loan to value. The great news is that there is no early repayment charge payable on the mortgage.

Principality has the cheapest fixed rate mortgage for first time buyers at just 3.99%. They require a 15% deposit and a £999 fee but the 2 year fix at this price is not something that would be home owners may be able to pass by.

 



Story link - Big Lenders Dont Always Have The Best Mortgage Deal

Related stories to : Big Lenders Dont Always Have The Best Mortgage Deal