How to compare mortgages ?

Born2Save_3

All

Does anyone have a way of comparing mortgages ? I thought that if there was a list of features for a mortgage, this this information could be gained for the mortgages I am intersted in. Then when looking at them side by side, it would be easier to see good elements and bad about the mortgages being considered, towards making a decision over which to go for.

I can start to have a go at features to compare, but I am concerned that I may miss something, so my mortgage decision may not be based on the fullest possible picture.

The kind of things I am thinking about are :

Initial fees, ongoing fees, changing fees, exit fees, interest rate, special offer/promotion, lock in period, internet access, evaluation of customer service,
etc, etc

Thanks in advance

JoeK_3

Born2Save. the list is exhaustive. There are over 40,000 different mortgage products in the UK and we so called experts use sophisticated computer software to find them, narrow down the options plus experience to know the best service providers.

Having said that most of the things on your list are available on a keyfacts illustration that is given to you after you have found the mortgage product to suit you.

Get yourself a good Whole of Market Mortgage Broker that you like and trust and stick with him/her for life.

JoeK

Born2Save_3

Thanks for your replies so far

What I was looking for ideally, was a significant (near exhaustive ?) list of items that I could use to compare before applying for a mortgage... Any one got somethig like this ?

So far there is only 2 mortgage providers that have what I am looking for, so making a comparison with only 2 is not that hard - but if I am forced to consider less desirable alternatives then having an independent method of compaison would be extremely useful.

If the comparison is done in software (website or whatever) then there must be an underlying method (which has been implemented in software) being used to compare products...

ailuro2

Normally the sites can compare them by the interest rate, monthly repayment, arrangement fees, and group them into fixed, capped, discount etc.

I like charcolonline.co.uk- the link is http://mortgages.charcolonline.co.uk/mortgages/calculator/whatmortgage.aspx they ask you questions online about what you want from your mortgage and filter it that way.

The question is answered by what exactly you want from you mortgage.

Remember what it says in Martin's Remortgage guide- L&C are fee-free, charcol are not guaranteed to be, but I do like their site.

Born2Save_3

Mmmmh - what i was looking for was a list of features to compare a mortgage on - I thought maybe someone had got an exhaustive list, then I could see all and choose what elements I would like to compare.

I want to get the information and do the comparison myself - I dont trust websites to give the full picture - i want to compare what is in the small print too.

If any one has a list - doesnt have to be exhaustive - please do post it as I am sure other people would benefit too.

Thanks

JoeK_3

All

Does anyone have a way of comparing mortgages ? I thought that if there was a list of features for a mortgage, this this information could be gained for the mortgages I am intersted in. Then when looking at them side by side, it would be easier to see good elements and bad about the mortgages being considered, towards making a decision over which to go for.

I can start to have a go at features to compare, but I am concerned that I may miss something, so my mortgage decision may not be based on the fullest possible picture.

Born2Save wrote: »

The kind of things I am thinking about are :

Initial fees, ongoing fees, changing fees, exit fees, interest rate, special offer/promotion, lock in period, internet access, evaluation of customer service,
etc, etc

Thanks in advance

You need to realise that what you are asking for is a full list of these feature from over 40,000 different products from over 200 lenders. Even we mortgage advisers have to use computer software to filter out the products that we want from the ones that we don't.

Because of this problem, normally you are shown a top ten list only on either websites or financial papers and magazines.

Hope this helps

JoeK

Born2Save_3

well looks like I'm going to have to get to work and do some searches elesewhere and start doing the ground work

shame really that there isnt a public domain way of comparing mortgages as there must be so many opportunities to twist the trust, or use selective presentation in a very lucrative area !

Well I only have 2 products to choose from at the moment so, I have narrowed the number of products down a bit - what I am looking for is a way of comparing the best of the rest should one of these 2 not be possible...

Born2Save_3

Bump - anyone like to chip in with some good stuff - or am I asking for too much ? cant be that difficult, can it ? Or is it a question of commercial sensitivity > Well I thoguht that was what MSE was suppose to challenge and embrace through a network of capable members...

Born2Save wrote: »

well looks like I'm going to have to get to work and do some searches elesewhere and start doing the ground work

shame really that there isnt a public domain way of comparing mortgages as there must be so many opportunities to twist the trust, or use selective presentation in a very lucrative area !

Well I only have 2 products to choose from at the moment so, I have narrowed the number of products down a bit - what I am looking for is a way of comparing the best of the rest should one of these 2 not be possible...

MortgageMamma

Can I Just Point Out That That The Morgagemamma Above Is Not Actually Me, Just Somebody Attempting To Impersonate Me, With An Incorrectly Spelt Username

They Do Say Imitation Is The Highest Form Of Flattery So Thanks

MortgageMamma

MorgageMamma wrote: »

There aren't any online comparisons that are truely accurate and up to date. Quite often you'll be shown rates that were available months ago but the product has since been withdrawn.

I completely agree that some people might want to sell you a product that pays them higher commission, but that's not to say you won't find a broker who will work for a fixed fee and then refund the commission back to you.

If you want to know what's available, see a broker. Their software is usually updated daily and the broker would confirm the product with the lender before recommending it to you.

MM

Obviously not me then as this is someone who charges fee's and i do not...

absolutebounder

Ah well propper Mortgage Mamma you know what they say: Imitation is the sincerest form of flattery.