Are cheap mortgages rates a good deal?

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A common requests we are asked as mortgage brokers is, “How much is the mortgage rate?” or “Is that the cheapest mortgage rate?” While the mortgage rates are important, as it does mean you could be paying more per month than you should do. However, many homebuyers don’t think about is the fees involved with any mortgage application. Sometimes the mortgage rate could be low or cheaper than other lenders. However some lenders can have higher upfront costs with fees or perhaps higher early exit penalties.

This hidden fee are becoming more popular as the interest rates continue to drop. Since 2020, Ascot Mortgages are seeing more lenders cutting their rates, but then and adding extra/increase fees. This is understandable when you consider all the work involved when arranging a mortgage approval. When we speak to our customers, we provide a complete projection on what they may expect to pay over the period of the mortgage. This includes all the fees involved with us, but you may have your own solicitors or third party that doesn’t have a relationship with us. So this could be additional cost.

We speak to multiple lenders daily and so we have a good knowledge of these rates and fees changes. If you have any questions give us a call or message us and we would be happy to discuss your application.

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