Mortgage deals - fix or not!

Summer1Winter0

Searching mortgage best buys on MSE finds AIB as the top 4 rates, 3.79, 3.89, 3.95 and 4.05.
HSBC UK next with 4.25, Leeds BS with 4.26.
When I use the MSE mortgage calculator compared to the Mortgage providers offer the payment per month for the 4 of the AIB rates works out at £10 (£9 for 4.05 rate) per month more expensive than the MSE calculator predicts. Surely these figures should be the same?
When cross checking other provider's rates the payment per month on with the provider equals that calculated with the MSE calculator.
Is the AIB adding an additional £10 (£9) per month?
Is this a hidden charge?
Any thoughts would be welcome.

ACG

AIB I think only lends in Northern Ireland? If you are not in their lending area, you wont be able to access their products. 

But there could be a few reasons for it... Has the fee been added on one but not another, is the term the same, is the rate the same? Aside from that one could be using a simple mortgage calculator where as the others are using the correct calculation. 

I dont think you have offers, maybe illustrations? The illustrations should be accurate. 

Summer1Winter0

Thank you, I checked and no fee is included the timeframe and the rate are identical. It must be something within the calculation algorithm - it just seems a little unfair that the eye catching lower percentage rates advertised lead to a slightly higher monthly repayment. Over a 25 year mortgage this might equate to an additional £3000! (10x12x25)

Summer1Winter0

Thank you, MSE replied:

"The monthly figure displayed in the Mortgage Best Buys tables is an estimation, but doesn't show the first mortgage repayment, which is often higher as you pay some interest for the month you get the mortgage, as well as for the upcoming month. Calculators on other websites may factor this in, as well as other fees in the mortgage.

You can see a breakdown of the costs we calculate under the 'how to apply' button."

Hoenir

Summer1Winter0 said:

Over a 25 year mortgage this might equate to an additional £3000! (10x12x25)

Fixed rate products don't last 25 years though. 

amnblog

Relaying on best buy tables to make decisions on the best place across the market for your borrowing has many issues.

1. The tables do not list all the available deals
2. Mortgage rates cannot be bought, they are applied for, they may not be offered to you
3. The layperson is unlikely to understand the nuances of the way mortgages work and are priced
4. There are personal hits and hurts in every contract which the best buy tables do not pick up

The borrower can, of course, decide to take the self help route in this way, but they should not assume it is the smart route.