Personal Finance News

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million

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This Week's Personal Finance News Update

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million
30/10/12 - More than half of parents are unaware of Junior ISAs
30/10/12 - Over 80% of advisers name 'cost & administration' as top employer concern
30/10/12 - Brits left with £1.4bn repair bill during 'mischief week'
29/10/12 - East of England landlords at apex of yield chart
29/10/12 - Buyers more optimistic about Scottish property market

News

08/08/2012 18:01:40

Home buyers advised to look beyond mortgage headline rates

Home buyers have been advised to look beyond the headline rates when choosing a mortgage product.

MoneySupermarket.com found that fees can add hundreds of pounds to the cost of a mortgage.

Its research revealed that while banks and building socities tend to have similar headline rates, banks often charge higher fees than building societies.

For instance, customers could save over £700 on a two-year fixed rate mortgage thanks to the lower arrangement and booking fees offered at a building society. However, banks do tend to offer better value for first time buyers.

Commenting on the findings, Clare Francis, mortgage expert at MoneySupermarket.com had the following financial advice for those looking to take out a mortgage: "When comparing mortgages you need to calculate the total amount you'll pay over the term of the deal - monthly repayments plus fees - in order to work out which will be the best value for you."

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