The lowest interest rate might not make for the best mortgage deal, one consumer watchdog has warned.
According to Which?, the rising cost of arrangement fees means people can opt for a seemingly good deal but end up paying much more over the life of the mortgage .
Martyn Hocking, editor of the publication, said: "The cost of mortgages has soared in the last couple of years, but a lot of the focus has been on what's happening with interest rates when in fact it's the total cost of the mortgage deal that's important."
People should take the time to compare all the deals on the market and by doing so they could save "hundreds of pounds", he added.
Recently, a study by Legal and General revealed that 35 per cent of borrowers took out a variable rate mortgage in the last quarter, this compares to the 24 per cent who took out such deals in the previous three months.
Mortgage warning over fees
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