best mortgage

Beware as Mortgage Lenders dangle that mortgage carrot
It pays to
With the spotlight ever more closely on interest rates, many would-be homeowners or those remortgaging might be tempted by a bargain headline rate advertised by the lenders.
But borrowers should look further than the carrot dangled in front of them, as there could be a stick not too far away. High arrangement charges, lengthy lock-in periods and high exit fees are just some of the ways in which lenders recoup money lost through a headline-grabbing low rate.
"Tying yourself in for longer than the fixed-rate period is asking for trouble. After that time, the rate reverts to the standard variable rate, which is higher than average. The borrower is also at the mercy of the lender as the SVR isn't tied to the base rate."
Another stick that often accompanies a carrot is high arrangement fees, which can wipe out any benefit from the advertised lower rate.
There are plenty of products with larger arrangement fees and £1,000 or more is not uncommon. A higher fee can be worth paying if you make savings on interest payments over the term of the mortgage. As a rule of thumb, the bigger the mortgage the more important the rate, rather than the fee, becomes. Conversely, the fee assumes more importance than the rate on smaller mortgages. But the longer you are tied in, the more important the rate becomes as the impact of extra interest increases.
First-time buyers need to watch out for higher lending charges.
If you have any concerns speak to the mortgage man.