Some Of The Best Mortgage Deals Can Be Found Online

By Jason Hulott1

Forget about taking out a mortgage with the high street lender.
A far better and effective way to get the best mortgage deals is
by going online with a specialist website. By doing so you will
be able to compare mortgages from some of the top UK lenders so
you can be sure you have the cheapest rates of interest.

However there is more to the best mortgage deals than just
comparing the rates of interest. There are many other factors
that you have to take into account. There are various costs that
can be associated with a mortgage and you have to take all of
these into account when looking for and comparing the best
deals.

The first thing you have to consider is the arraignment fee for
the mortgage. This can vary greatly and is added on to cover the
cost of arraigning the mortgage for you. The lenders can add on
somewhere between £100 and £300 and you are expected to pay this
when you have completed the mortgage. Some lenders will call
this fee an administration fee or set up fee, so compare this
charge as you compare interest rates.

A valuation fee can also be charged and must be considered when
comparing the best mortgage deals. This fee is to cover having
your home valued so the lender can make sure that it is worth
the amount that you are asking to borrow. It is a way of the
lender protecting themselves against you not being able to pay
the loan.

The majority of mortgage lenders will add on an early
redemption fee or penalty. This means that if you decide to move
your mortgage within a specific amount of time you will have to
pay a penalty. The actual amount can vary considerably so again
take this into account when looking for the best mortgage deals.

Some of the lenders will attach an application fee but as there
is so much competition in the market to get you to take out a
mortgage, this has for the most part been abolished. However it
is worth checking to make sure that this fee has not been
attached.

All of the above are ways that lenders can boost up the cost of
what could be seen to be the best mortgage deals. The fees are
usually found in the small print of the loan and if you shop
with a specialist website for the quotes should come in the key
facts. It is essential you compare these as the fees themselves
and the amount charged does vary considerably. Of course these
are the hidden or additional costs that are added on and you
also have to compare the rates of interest and different types
of mortgage.

With the lenders being so competitive when it comes to offering
the best mortgage deals you can sometimes find that some of the
fees such as the valuation fee is waived. So it is worthwhile
shopping around and comparing the hidden costs to determine
which mortgage offers the best deal.

About the Author: Jason Hulott is Business Development Director
at UK Mortgages service, PolarMortgages
(http://www.polarmortgages.co.uk). Visit Polar Mortgages now for
more information about UK mortgages and remortgages.

Source: http://www.isnare.com

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