Landlords need to seek independent advice

On average, these consumers paid around £550 per year more over the introductory period compared to the cheaper product. But this poses a question: is the cheapest mortgage always the right mortgage?

With price comparison websites now well-established, some consumers have started to make important financial decisions based solely on price.

But while a decision between two retailers selling the same model of toaster, for example, is simple, such choices are far more difficult when it comes to the world of financial products. The cheapest insurance deals do not necessarily offer the best levels of cover, and the lowest mortgage rates may not be the best deal for a borrower’s circumstances

The mortgage market is both complex and diverse. While high street lenders may have the largest profiles, there is a raft of small and specialist lenders fighting for business.

Smaller building societies and specialist banks are often more flexible with their lending rules and may offer a better fit for someone’s financial situation. However, while some smaller lenders might offer competitive rates, many do not sell directly to consumers. Instead, they rely on the expertise of a mortgage adviser to access their range of products.

For consumers, this means that you can’t always see and compare all the options available.

It is also important to remember that some lenders are vying for customers’ business in today’s competitive market and might offer low rates to get customers on board.

As a landlord don’t be blinded by cheap deals, make sure that the mortgage has features that are suitable for you and consult a qualified independent adviser.

If you are looking for a mortgage deal please do make contact and one of our independent advisers will be happy to assist.