Monday, March 26th, 2018
In the aftermath of the base rate rise at the end of 2017, many borrowers may be looking to secure a fixed rate mortgage deal to reduce the impact of any potential future base rate increases. In short, they want to avoid an increase in their existing monthly payments.
However, the lowest interest rate may not necessarily turn out to be the cheapest or even the most suitable option, as it is also important to consider any additional fees involved when choosing a mortgage product. What can be helpful is a comparison between the various deals that are available, some of which will have low rates and high fees whilst others will have higher rates and much lower fees.
Only when a comparison of the full cost of the mortgage deals being considered over the offer period is carried out does the ‘most suitable’ deal become apparent. This can be done by using the APRC (Annual Percentage Rate of Charge). However, some borrowers may prefer to use the services of a professional mortgage broker who will not only have the knowledge and tools available to perform calculations and quickly return the results with a suitable “recommendation”, they will also able to assist with the whole mortgage process and answer any questions along the way, which is where the team at Caboodle Finance can help.
Although it is true that some applicants prefer to focus solely on the lowest possible repayment amount without giving much consideration to lenders’ fees, others will make their decision based on the total amount that would be repayable over the appropriate offer period, and some of course will choose products purely based on the comparative APRC. At Caboodle, we will of course always advise our clients on what we believe will be the best deal for them given their circumstances and specific requirements.
Customers who use a dedicated, professional mortgage broker such as ourselves, will get speedy access to all the appropriate information and benefit from their accumulated knowledge and experience. The latter is particularly important given the wide range of criteria and requirements often applied by lenders on their many and various products.
If you would like to know more about how our friendly approach could help you on your mortgage journey, please call us here at Caboodle Finance of Sutton Coldfield, Birmingham today on 0121 308 9114 or click HERE to contact us by email.
We very much look forward to hearing from you.
Caboodle Financial Services Ltd
Mere Green House
46-48 Mere Green Road
West Midlands B75 5BT
Telephone: 0121 308 9114