When you’re looking for a new mortgage what’s the most important thing to you? For most people the answer will be rates. The mortgage rate determines how much you’ll repay on the loan and is obviously a key consideration! But are you ignoring another important factor? And are you losing a considerable amount of money as a result? I’m talking, of course, about fees.
According to new research by Moneyfacts average mortgage fees are now at their highest ever level. Currently buyers will pay an average of £1,018 – not a small amount by anyone’s standards.
However, just like focusing too heavily on rates is a dangerous tactic so too is making your decision on whether or not the product has a large fee or a small one. Really, what you need to be focusing on is the APRC rate, or Annual Percentage Rate of Charge. This figure will help you understand the whole cost of the mortgage, including fees, should you stick with it for the whole 25 year term.
The APRC makes it easier for borrowers to understand exactly how much the mortgage will cost but taking on such a huge financial commitment can still be worrying. Here at We Know Mortgages we’ll help you to find the best rate and deal for your circumstances and we’ll take away all of the stress and worry by explaining things every step of the way.
Call in and see us today to find out how we can help you.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.