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Is a Fee-Free Mortgage as Good as It Sounds?

The number of fee-free mortgages being offered by lenders is increasing in a bid to get more borrowers. According to Moneyfacts approximately 40% of the available deals on mortgages in July this year came without any fees.

Is there a catch?

A fee-free mortgage is very enticing but before you go full steam ahead, it is important to stop and look at the numbers. It could be, that paying no arrangement fees mean that you could be paying a higher interest rate. You may find that paying an upfront fee means you are better off in the long-run.

For example, Sainsbury’s Bank offers a two-year fixed rate of 1.92% with no fee, available up to 60% loan-to-value. A £150,000 mortgage repayable over 25 years would cost £630 a month – that’s £15,120 over two years. Nationwide has a two-year fix at 1.54% with a £999 fee and £500 cashback. The total two-year cost comes to £14,971, £149 less than the Sainsbury’s Bank deal.

How do I know the mortgages I am eligible for?

Understanding all of the different mortgage products can feel overwhelming, that’s why we have a guide to help you understand the different types of mortgages available.

To know the amount, you can borrow and for how long is very much dependent on your personal circumstances. With so many lenders and mortgage products available and what the criteria each work too is very tricky to negotiate on your own. As a mortgage broker, we have access to the latest offers and deals and understand the criteria, so we can match you to the right mortgage for your circumstances.

If you would like to know more, complete the contact form below.

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We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.


Miss Knight

2016-03-22T17:24:36+00:00

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure... Read the full article

Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

2016-09-13T12:38:09+00:00
Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

2016-09-13T12:43:22+00:00
Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

2016-09-13T12:48:10+00:00
Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

2016-09-13T12:49:06+00:00
Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with... Read the full article

3 days ago

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