mortgage tables

keyboard

Hi all

I was just reading my key facts documents and there was reference made to this website

http://www.fsa.gov.uk/tables

it appears that you canb search for mortgage deals here.

My question is does anyone know if these tables are all of market ? if so can is it as easy as picking the cheapest one and phoning up the lender to find out more and obtain the mortgage if it suits as a opposed to going a broker.

has anybody else used this website to find a mortgage ?

homer_j_3

best buy tables can be so misleading.

Ask yourself a few questions -

How do you decide which is the cheapest deal? Is it cheapest payment, cheapest int rate, cheapest overall cost over x years etc...

When you have found what you feel to be the cheapest deal, do you know that the lender will actually be suitable for you?

Do you understand the information fully on a best buy table and more importantly do you understand the information that isn't present on the best buy tables?

I would imagine that the best buy tables will be indicative of whole of market but I know that unless you are fairly financially savvy you could open yourself up to a whole heap of issues by not fully understanding what you are doing.

My advice would be to use a professional - you do not have anything to lose if they are whole of market and fee free. They will research, complete papaerwork and chase things for you. You in the meantime can get on with your life and enjoy whatever you want to do.

keyboard

Thanks, for your repsonse Homer_J. However i was thinking i could follow up deal with a phone call and get the rest of the details. Although i have secured a mortage now at 5.34 fixed two years. i noticed on that site there still deasl at 4. something percent .

homer_j_3

yes but you may end up payig an extortionate arrangement fee to get them. There are fixed rates out there sub 3% with no arrangement fee - ends up closer to 6% after a year though and there are some with extended tie ins etc..

by following up on your research is good but what I was trying to get at is that unless you can set your criteria up before you start to compare and understand how to calculate, prioritise your deals then you will most likely end up in circles.

You may not know what to ask and the lender will most likely give you no idea whether you are on the right tracks and if you have to get credit checked everytime you approach a bank then you are at risk for ruining your cred rating.

For 2 hours of your time with a professional, why try and DIY what could cost you thousands if you get it wrong? I dont know - clearly you think you are saving something by doing this but I cannot see it personally. A broker will have a pretty good idea who will look at you, who will not. Will quickly discount any deals that are totally inappropriate for you and get your thoughts organised so you can get the best deal.

keyboard

point taken, it was just a thought

homer_j_3

I have had so many people this week trying to do what you are doing and I can see the headaches they come in with.

Good luck on your search