Consider all aspects of fixed rate mortgage, suggests moneysupermarket.com

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Consider all aspects of fixed rate mortgage, suggests moneysupermarket.com

While the interest rate is usually a key factor when choosing a mortgage, it is not the only consideration, noted moneysupermarket.com.

Clare Francis, mortgage spokesperson for the comparison site, explained that the lowest headline rate may not prove to be the cheapest if the deal is loaded with fees.

She said: "Ultimately there are three key things mortgage customers need to consider - the interest rate, any additional fees and the amount they need to borrow."

Ms Francis urged people to be particularly wary of percentage fees if they relate to the amount borrowed, since this can lead to pricey bills.

Her comments follow the publication of research by moneysupermarket.com showing the cost of arranging a mortgage has risen significantly in the past 18 months.

The application fee on a fixed rate mortgage has gone up by an average of 14 per cent.

Lloyds TSB recently revealed that home sales in England and Wales are down by 47 per cent from 2007 to 2010.

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