Consumers looking for a best mortgage deal may be better off contacting banks directly, since many are not advertising these deals at large. While there are a few ads for best mortgage deals, it appears as though banks are waiting to tailor make offers, hoping for those with better credit. Lenders that do offer best mortgage deals are few and far between however and until the housing market changes, it may become more difficult to get a good rate or low fees on a loan. The turning point for best mortgage deals may be sometime off in the future as a result.
Louise Cuming, head of mortgages at moneysupermarket.com, said: “Lenders do not have to rely on headline rates to hook borrowers in at the moment. Often a great headline rate has come with an extortionate fee, but lenders are being much more transparent now about the true cost to the consumer and where their profit comes from.
“Higher rates might seem unpalatable for some people, however those lower fees can make it cheaper for borrowers on a smaller mortgage. Consumers must look at both the fee and the rate if they want to work out the best deal for them.”
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