Don't buy on lowest interest rate

There is no such thing as the lowest interest rate!

Strange thing to say but absolutely true. Many customers when they go and see their bank or mortgage providor generally ask for the lowest or best interest rate they have. But any expert in banking and finance will tell you that there is no such thing. Why? Well it is because interest rates fluctuate according to either economic, market or individual banks requirements. So, while it may be cheaper today, it is the actual cost of the mortgage over its long term that really counts and no-one should or would ever guarantee it to be the cheapest for ever.

There has been plenty of times in recent history where one bank may be cheaper than another one for a certain period of time. But of course that changes due to the above reasons, so they generally don't stay the cheapest. The only way you can guarantee that you do the very best you can with your mortgage interest rate is to make sure your learn the best way to control it and lower it yourself. And yes, it can be done.

Obviously making sure the bank you deal with treats you fairly and gives you the best value for money on your mortgage is the key. Make sure you are only paying for what you need and always ask if they can do better. But don't fall for the cheapest home loan trick, as it actually cannot be guaranteed over time, which means it actually doesn't exist.

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