We've revamped our Mortgage Best Buys tool - let us know what you think

MSE_Kit

We've had a minor revamp of our Mortgage Best Buys tool, which has now gone live.

The tool looks and feels a bit different to the old version, but the functionality remains the same. Please try the new Best Buys tool (using the link above) and let us know what you think - including if you spot any snags.

How does it currently look to you? What would you change about it, if anything? Let us know your thoughts by replying to this post. 

Many thanks! MSE Kit

If you haven’t already, join the forum to reply.

getmore4less

functionality remains the same.

shame that was not fixed as it s till can't be used to compare deals properly.

you can't use payment,  APR or cost over one year to compare the relative costs of a mortgage over a fixed term.

MSE Total Cost Assessment

Never assume the deal with the lowest rate or monthly payments is the cheapest. Many lenders make their expensive deals look cheap by offering temptingly low rates but add on massive fees.
The trick is getting the right combination of interest rate and fees for your loan size to get the cheapest deal. That's why we've calculated the total cost for you in year 1 of your deal. It shows you which deal is really the cheapest overall, taking interest and fees into account.

that can get the wrong answer  and the methods uses below that have  flaws in how the calculations are done.

pulling up the defaults £90k  25years 75% LTV
we have a nationwide deal

Initial rate 2.04% For 24 months

Monthly payment £383 For 24 months

Set-up fees £0   One off 

MSE total cost £4,381 For year 1

APRC 3.4%
actually there is £500 cash back and £65 fees leaving  -£435 to be factored in(not shown) but looks  like 1/2 is as £383*12 is £4,596

and a bit further down HSBC deal 
 

Initial rate 1.74% Until 31/05/2023

Monthly payment £370 Until 31/05/2023

Set-up fees £17 One off

MSE total cost £4,450 For year 1

APRC 3.3%

you would think that the nationwide is slightly better by ~£70 a year  but if you crunch over 24months  for the same cashflow 

HSBC comes out better as you have a smaller debt at the end of the fix.

amount	rate	payment	owing	interest
£89,565.00	2.04%	£383.22	£83,912.15	£3,544.52
£90,017.00	1.74%	£383.22	£83,850.00	£3,030.38

So when we look at MSE saying NW better by ~£70 a year  the reality is HSBC is better by ~£60

MSE calculator is wrong by ~£200

Even this is a bit wrong because the  fees/cashback should be factored at the beginning and the exit fees at the end

K_S

I was going to tag you on this thread @getmore4less , you were the first poster that came to mind!

Chichaldo

I found having the 'total payable' figure very useful (without having to expand a particular mortgage deal) - unless it was hidden slightly for a reason.

getmore4less

K_S said:

I was going to tag you on this thread @getmore4less , you were the first poster that came to mind!

I do have a bit of thing about this as there are going to be some that just get the wrong deal.
SOme other sites are even worse.

I do realise for many their mortgage sizes swing it to one side or another anyway  but when you get into the breakeven zone it does get more important  as does the real payment if planning to overpay. 

Also that it is just the base comparison for some other factors come into play like needing a lower payment, can get better saving rates, want to use their pension, need lender specific features or just prefer a lender  making the right deal not be the basic cheapest.

getmore4less

Chichaldo said:

I found having the 'total payable' figure very useful (without having to expand a particular mortgage deal) - unless it was hidden slightly for a reason.

depends what you think it tells you,

What do you think it tells you that is useful 

it's not which will be cheapest over the fixed term.