Customers save on mortgages by looking beyond headline rates

The most important part of buying a first property for anyone in the UK is securing the finance to do so.

In recent years, with banks being more strict when it comes to lending, borrowers may have been tempted to go for whatever deal they can get.

Now, however, they are being warned to be scrutinise more over what they are looking at in terms of mortgages.

Before heading to the estate agents, buyers have been told that looking beyond headline rates can save them considerable money in the long run.

According to MoneySupermarket.com, it could be the case that although banks offer better deals at the top level in terms of interest rates, building societies tend to offer far cheaper fees.

This means that borrowers could save up to £700 over the course of a mortgage just by looking around and trying to get the best deal.

Clare Francis, mortgage expert at MoneySupermarket.com said: "When looking for a mortgage, don't just go to the big banks as there are some great deals available from smaller lenders too and it's really important to get the best product as it could literally mean the difference in cost of thousands of pounds."