Best mortgage comparison site?

badgergravy

Hi,

I am having some trouble finding the best deal on a mortgage. I have used moneysupermaket etc. but I'm finding that they do not include all fees in the actual cost over 2 years figure including if any fees are added to the balance of the mortgage. Obviously, if I'm saving money over 2 years but adding more on to the balance remaining at the end of the 2yr fixed deal I'll actually be worse off!

I have £67k deposit and need to borrow £75k over 25 years. Would prefer a fixed 2yr deal. No adverse credit. The best deal I've found will cost £9,947.96 over 2 years but adds 995 to the actual mortgage.

Does anyone know of a site that will give figures more clearly or even if you can give me a few tips on how to work out the overall cost your help will be much appreciated!

Now, writing this has made me realise that I am even more confused than I previously thought! Maybe I need to see a broker!

Thanks

ACG

this is an impartial site:
http://pluto.moneyadviceservice.org.uk/mortgages

It doesnt do what your after though. Im not sure what your after is possible online. We (advisors in general) have access to a system that will show what it will cost with the fees added and paid upfront and how much it will cost during however many years you want to check....that doesnt help you but i think that might be the only way without doing your own calculations.

badgergravy

Thanks very much! That site seems to be working things out slightly differently although I'm still going to have to do some sums!

One other thing I have just noticed... The top result from the site you mentioned says 'free basic legal work'. I don't think I've seen that before. Does that mean conveyancing?

GMS

This will be the conveyancing done by a nominated solicitor of the lender. This will include standard fees with any additional disbursements to be paid by the borrower.

Borrowing 75k may well mean a higher rate with no fees works out better over 2 years. Paying a £995 fee means adding £40 plus to monthly payments over the 2 years. If a higher rate product with no fees is £20 more (for example) then it can work out cheaper over the period.

Also look at valuation fees. A £200 valuation fee is adding £8 per month to a 2 year deal. Would a product with a free val work out better.

Be thorough with the figures, don't get blinded by the rate.