A common marketing tactic for mortgage lenders is to do away with mortgage arrangement fees as a way of attracting new customers. Roughly around one-third of mortgages on the market at any one time are promoted as being fee free.
The lender’s advertising poster or internet banner promotes fee free in big letters, but do fee free mortgages always represent the best deal for the customer? A fee free mortgage product might have a higher interest rate than a similar mortgage with a product fee, so which one represents best value? The matter is further complicated when comparing products from different lenders and when ‘sweeteners’ are thrown in such, as cashback deals.
A mortgage broker will undertake this number crunching as part of the service. The broker will also be aware of new deals coming onto the market that might be more competitive to any those currently under consideration.
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