A mortgage's headline interest rate is only one part of its cost. Compare the payments and fees over a consistent period, and check what happens afterwards. Use the actual lender illustration for each option so the comparison includes the relevant charges and terms.
Keep the fee treatment clear
Record whether a fee is paid upfront or added to the borrowing. Adding it to the loan can affect interest and the balance. Check valuation, legal and other costs separately and avoid counting a fee twice if it already appears in another budget line.
Compare equivalent assumptions
- Same starting balance and repayment method.
- Same mortgage term or a clearly explained difference.
- Same comparison period.
- Any known cashback or incentives with their conditions.
- Remaining balance as well as payments made.
The comparison tool shows arithmetic from your inputs, not a live product recommendation. Verify uncertain figures with the lender or adviser. MoneyHelper's mortgage guidance is a useful starting point for understanding costs; the actual offer and terms govern the proposed borrowing.
Put it into practice
Use the mortgage deal cost comparison to organise your own figures or next steps. Keep its assumptions alongside your plan.