Today's homebuyers are facing a bewildering array of mortgage products, with one UK lender offering over 200 different options, according to eMoneyfacts.co.uk.
The website says the large number of products on offer can be helpful for those in special situations but a financial adviser should be consulted so that buyers can get the most suitable combination of rates and fees.
Research by eMoneyfacts.co.uk found that Abbey has 89 different mortgage products, Cheltenham & Gloucester offer 101, and Standard Life has a range of 219 different products.
Julia Harris, mortgage expert at eMoneyfacts.co.uk, comments: "Choice is a good thing as far as the consumer is concerned, but it has become so vast that assistance from a financial adviser is pretty much essential if the customer wants to find the deal that is right for them."
Harris advises consumers to be particularly cautious of percentage fees as every 1% of fee equates to 0.69% on the interest rate over a two-year term.
“Unless some very low rates are going to be offered as part of the package, you can't see there being much demand for these products,” she says.
Harris also says rates are far more important to those taking out larger loans, whereas first time buyers will often prefer a lower fee to help them get started.
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