A Penny Saved

Today’s review is of the Motley Fool’s UK side. Their Mortgage section in particular. I’m not sure exactly how many of you, the readers, actually reside in the UK, but I do know there are some. And this post is for you!First, lets do a little disclaimer for the Motley Fool. They probably would rather I didn’t publicize this, but chances are that they get paid per lead they generate for these mortgage companies. Just thought you should know.

So, you’re looking for a house in London. ( or Leeds, or Surrey.) What better way to compare and contrast mortgage companies’ offerings than to take a little visit to the Fool.co.uk mortgage UK site? Well, you might want to check your local bank or credit union as well. Sometimes there are advantages to going local. But it is also very beneficial to you to do a little comparison shopping. As much as the banks would like to have you believe otherwise, they do have some haggle room on the rates, fees, and terms. Some. Not a lot, but enough that they can often match most other institutions.

One other thing that immediately jumps out to me is that each and every one of the mortgages shown has a prepayment fee of some sort. And that’s just silly. Now, in most cases, paying early, even with a penalty, can save you a percentage point or two. I just find it odd that every one of them has it as the idea of a prepayment fee has kind of disappeared here “across the pond.” But then most of the listed mortgages have what appears to be an intro rate attached to them.

Most important about this site is the plethora of knowledge that can be had from the left sidebar. Things like information on paying a mortgage off early, first time buyer information, and Mortgage interest rates explained. Take advantage of the Fool’s deep knowledge base and learn as much as you can before you sign the dotted line. It might save you a lot of money. ( a few quid anyways.)

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