27 Oct

Homebuyers told to look closely at mortgage rates

Homebuyers told to look closely at mortgage rates

Homebuyers looking to secure finance on houses for sale in the UK have been told to look beyond the cheapest rates to find the best deal on mortgages.

According to Yorkshire Building Society, headline rates can be appealing but often end up costing more in the long run due to additional fees.

Instead, the financial services provider has released a two-year fixed-rate mortgage at 2.89 per cent available before the end of 2010, which it states provides a "combination of low interest rate, low product fee and free valuation".

Product manager for mortgages at the group Tom Girling said: "Paying high fees to secure a new deal as well as valuation and legal fees can seriously damage a household budget."

Barclays has launched a deal for homeowners looking to remortgage their property, which allows customers to switch between a standard variable rate loan to a tracker mortgage at 2.18 per cent above the base rate.ADNFCR-1222-ID-800161265-ADNFCR

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