A complete guide to mortgage best buy tables

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If you are considering applying for a mortgage, or remortgaging, and have come across mortgage best buy tables and want to know more, this blog is for you. It provides an overview of mortgage best buy tables, how they work, and how to use them effectively to find the most suitable mortgage deals.

What are mortgage best buy tables?

Best buy tables are mortgage comparison tables that provide real time insights into the latest mortgage deals available across the UK. Using live data, they ensure that you are able to focus on many of the most current options, all in one place. They generally include filters so you can input your specific financial details and find whether a deal could work for you. They’re specifically designed to be easy-to-use.

How lenders compile and update best buy tables

Lenders want to be at the top of best buy tables, so will use different methods to achieve this. If a deal takes the number one spot, this doesn’t necessarily mean it’s the ‘best’ deal. It may come with many restrictive terms and conditions. Because deals expire and new products come on the market regularly, tables are continually updated accordingly. It is wise to use filters and check all suitable options for your circumstances.    

Understanding the key features in best buy tables

If you take a look at our best buy tables, you’ll see they show the following:

  • Provider. The name of the lender.
  • Initial rate. The interest rate you’ll pay at the start of the deal for an agreed set period – 2 years, for example.
  • Reverting rate. The rate you will fall on to after that agreed period, unless you’ve secured a different deal. The figure shown is based on current exchange rates and is subject to fluctuations which could affect the amount you pay.
  • Annual Percentage Rate of Charge (APRC). This figure represents the total mortgage costs over its term, inclusive of all fees and interest rates. 
  • Setup fees. The total for arrangement fees and valuation fees.
  • Monthly repayments. How much you’ll need to repay monthly for your mortgage, based on the sum borrowed, the mortgage term and interest rate.
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If a deal takes the number one spot, this doesn’t necessarily mean it’s the ‘best’ deal.

How to compare deals using best buy tables

To get the most from mortgage best buy tables:

  • Keep an eye on mortgage fees. If a deal looks good but the fee is high, it might not be as attractive as it initially appears
  • Also, note the deposit size required and the maximum Loan to Value (LTV). If you are unable to meet LTV requirements, either the deal you are looking at isn’t viable, or you may be looking at properties outside of your current price range
  • Consider the mortgage term (duration) that’s most appropriate for you
  • You’ll only see rates – not information on how the terms and conditions of a specific deal may or may not suit your own financial needs. This is where a qualified mortgage adviser can be useful.  Our team will talk through your circumstances and suggest the most suitable mortgage options, tailored to your situation
  • It’s important to take all features into account

Limitations of best buy tables and what to watch out for

Mortgage best buy tables can be incredibly useful; however, they have limitations:

  • They give you a snapshot of the mortgage market, not necessarily a complete one. Typically, tables don’t show all deals that are available
  • Just because a deal shows on a table, this doesn’t mean that you’ll be able to get it. You’ll need to apply for it the same way you would any mortgage. A mortgage broker will be able to advise you on your suitability and the chances of you being accepted for a particular product
  • It’s not always easy understanding the nuances of how mortgages work and are priced
  • Your financial situation may mean you have specific needs that a table can’t pick up

Best buy tables are designed to give you an initial starting point – a feel for whether a particular deal or lender could be suitable for you.

Our best buy tables give you information on all different types of mortgages, so whatever your current financial situation, whatever you want from your mortgage, it will be worth taking a look. Once you’ve checked it out, contact our experienced advisers for a comprehensive look at your options.

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