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Headline mortgage rates not necessarily best deal

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People wishing to find a mortgage � whether they are first time buyers or people looking to find a remortgage � are being urged to consider the true cost of headline-grabbing mortgage deals.

Price comparison website Moneysupermarket.com said people that want to find a mortgage should not blindly choose these mortgages , as they are not always the best mortgage deals available.

The website warns that a great mortgage rate is not the only thing to consider when you are looking to find a remortgage or mortgage.

Arrangement fees, exit fees, valuation fees and cashback are all aspects of mortgages that should be considered, according to the impartial mortgage comparison site.

Research showed that half of the top ten two-year fixed rate deals become less competitive when these costs are figured in. Our research shows that the headline rate of a mortgage is not necessarily an indication to what a mortgage will actually cost the consumer, Louise Cuming, the head of mortgages at the website explained. It is a clear misconception to assume that the lower the rate, the lower your total costs will be over the term.

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