- Written by John J Bloomfield
If you don’t know what a ‘mortgage best buy table’ is you will see them in the Sunday papers, and on comparison sites around the internet they are simply tables that pertain to list the best mortgage deals in a given category - i.e. ‘first time buyer’ etc.
Including a regular ‘best buy’ table is a consistent request when I ask clients what they would like on this site, but I haven’t added one and I have no intention of doing so.
Adding a ‘mortgage best buy table’ wouldn’t be that hard you can easily buy them in and have them feed through to the site live.
In my opinion in the current mortgage market ‘best buy’ tables are virtually useless.
Let me explain, there are two reasons that I believe the above.
Firstly, applicant affordability assessments by mortgage lenders have become much more complicated than it once was and it often means that we have to eliminate a tranche of providers when researching a mortgage for you simply because of how you are paid, or what you have to payout. In the old days, a simple income multiple was used so it was a relatively simple calculation for you to know how much you could borrow.
Secondly, ‘best buy’ is a term open to interpretation. Your definition of cheapest might not be the same as your best friends. Does cheapest mean the lowest monthly payment? or does it mean the lowest total cost of the mortgage? or something in between?
Simply put I believe that my experience and knowledge can not be distilled into a useful table, better that I apply it to your circumstances and get you personalised and relevant information when you need it.
For mortgage advice, we charge new clients a £99 research fee payable at the point of recommendation and we will receive a fee from the mortgage provider for arranging the mortgage. The £99 fee is waived for existing clients as we can provide mortgage services to existing clients with more time efficiency.
Your home may be repossessed if you do not keep up repayments on your mortgage.