Building Society Mortgages
How building societies’ mortgage fees compare to the banks
24 August 2012: Low mortgage interest rates can be great at grabbing your attention; however research by MoneySupermarket suggests that if you take a closer look at the related fees offered by banks, they may not seem as cost effective as they first appear in contrast to the building societies.
When comparing the average two year fixed rate mortgages offered by building societies and banks, they can appear quite similar. However, the overall findings reveal that building societies offer much lower arrangement and booking fees, which could save you up to £700 over the term of the mortgage.
Looking at the five year fixed deals; customers will be pleased to know that they could save up to £200 with a building society by taking the fees into account, compared to the lower average interest rate offered by banks.
Weighing up your options
Mortgage expert at MoneySupermarket, Clare Francis commented that “the deal with the lowest rate of interest won’t necessarily work out to be the cheapest. When comparing mortgages you need to calculate the total amount you pay over the term of the deal - the monthly repayments plus fees.”
See if you could save with a Nationwide mortgage
Whether you are a first time buyer, looking to remortgage or an existing Nationwide customer, your money is precious to you. To help you consider your options, take a look at Nationwide’s mortgage payment calculator alongside our range of mortgage interest rates and fees.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.