Flexible Mortgage Rates Compared

When searching for the best mortgage, one of the first things you need to do is compare the rates offered by different lenders. However, this can be a tough task because of the different figures that borrowers are given. Never the less, this is a key part of determining what you will have to repay.

Below is a sample of some of the best Offset and Flexible Mortgage Rates that we update on a monthly basis. Please be aware that rates can change on a daily basis so please call us on 0845 6033173 for most up to date rates available.

Looking At The APR

You should also look at the figure which says overall cost for comparison. This is an annual percentage rate (similar to the one on your credit card statement). It usually differs from the initial rate, as it works out the average interest rate over the whole life of the mortgage. This is worth paying attention to when you compare mortgage rates, as what looks like a good initial deal might cost you more than you bargained for over the mortgage term.

The calculations below are for a £100,000 mortgage on a property valued at £180,000 on a 25 year repayment scheme. (Data Source: Trigold 30/09/2008)

Lender and Type	Initial Rate & Period	Final Revert to Rate	Overall Cost for Comparison (APR)	Initial Monthly Payments	Loan to Value
Nationwide Tracker	5.88% Term of Mortgage	5.88%	6.2%	£637	60%
Northern Rock Fixed	6.19% 01/11/13	7.49%	7.1%	£656	75%
Chester Building Society Fixed	6.09% 10 Years	7.14%	6.8%	£650	80%
Alliance & Leicester Tracker	6.59% 2 Years	6.99%	7.2%	£681	75%
Abbey Tracker	6.23% Term of Mortgage	6.23%	6.6%	£658	75%
One Account Variable	6.7% Term of Mortgage	6.7%	6.9%	£688	75%
Kensington Fixed	6.39% 5 Years	7.5%	7.5%	£668	65%
BM Solutions Tracker	7.09% 3 Years	7.09%	7.9%	£713	75%

Why The Lowest Rate Doesn't mean the Best Mortgage!

Finding the lowest rate available is great but its only the first part of your research to find the mortgage that's right for you. If you want the best mortgage for you, it is a must to consider the differences in the way they work. By evaluating all the mortgage criteria you could save on exit fees, legal fees, early repayment charges, product fees and much more.

With so many ways of working and different options, it can be difficult to wade through the mortgage minefield. If you're in doubt about how best to compare the deals on offer please don't hesitate to speak with one of our professional mortgage specialists on 0845 6033173. We will be happy to compare the latest mortgage rates from the whole of the market and help you to determine the right mortgage to suit your individual circumstances.

Our professional mortgage broker services for Offset & Flexible mortgages are completely free.

Please note that The Offset Mortgage Centre cannot advise on or arrange mortgages from Lloyds TSB.

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