Are the rates/figures advertised online accurate?

whoschuffed

Have been looking at various lenders over 30 years for a £100,000 mortgage.

Just using Google's mortgage search as a quick benchmark, are the prices they quote there likely to be what we will end up paying if we get a mortgage approved with that lender? Or will there be variation/other things that can bump the price up (p/m)?

At the moment it's looking very affordable but I just want to make sure i'm not overlooking things in terms of what the mortgage repayment will actually be.

I can see Principality coming in at £365 and Monmouthshire at £380, H&R at £383 and Tipton at £385 p/m. If I applied for one of those is that the amount I would end up paying (for the 2 year initial fix anyway).

CKhalvashi

There may be large upfront fees, and worth checking they're licensed, but that should be the case.

Google will be paid commission, as on most flights.

whoschuffed

Yeh i'd generally book anything like that direct with the provider rather than through Google itself. Just using it as a rough benchmark.

kingstreet

You need to ensure you are looking at the right products, such as FTB, HomeMover, Remortgage, Existing Borrower Not Moving Home etc.

Then you need to ensure you choose the correct loan to value.

Next, look at the period you want, 2 year, 3 year, 5 year etc and fixed, tracker etc.

Finally, look at fees/costs and early repayment penalties and ensure the product suits your current and future needs.

Check lender website to ensure product is still available and that you have seen up to date information; then check affordability and criteria with that lender to ensure your proposition fits.

amnblog

Isn't all information on the Internet 100% accurate?

ACG

If your concern is that you will make an application and then they come back and say you cant have that but you can have something that is 2% more... that is unlikely to happen.

A couple of lenders price based on the risk (ie therate can go up or down depending on how your application scores) but only very few lenders do that, typically they are not going to be top of the best buys anyway as that is not their target market.

For the record, my mortgage is with principality. They have generally been quite good, underwriters can be a little bit of a nightmare if your self employed but in the main they are fine. Just bare in mine that very few of their mortgages allow you to overpay, so if that is something which is important to you then double check its available on the product you chose.

dimbo61

Why 30 years and Why only 2 year fix?
Could it be that you might struggle if BOE rate is 3/4% in 2 years time and mortgage rates are 5/6/7%?
Lots of good mortgage brokers out there who can look at the BIG picture and help you get the best deal to suit your needs LONG TERM not just for 2 years

whoschuffed

In the case of my question it's irrelevant whether I am looking for 2 year, 3 year, 5 year or 10 year fixes. It was a question about whether the figures quoted are for the most part accurate when you look at compare sites like that.