Whole-of-market mortgage advice, £395, payable only on completion.
Your deposit buys the bottom five courses. The other forty-three belong to the lender until they are bought back.
Book a callTwo years of payments have bought you two courses.
On this case that is £1,379 a month, £33,085 paid, and £12,107 of it went on bricks. The rest was interest. Nobody enjoys hearing that, and it is the reason the rate is worth arguing about while the balance is still near its highest.
It is also why a first-time buyer gains more from advice than anyone else on our books. We are on every lender panel we can be on, including the six that will not quote you directly.
4.19% · £1,379 a month · £157,510 interest over the term
One rate held for the whole term. The gable re-fills as you drag it, and every course is re-solved from the annuity, not interpolated.
First-time buyers. Agreement in principle, deposit and gift letters, the lender's affordability model, and what a broker can do about a rate you have already been offered. See the products
Year five. The fix ends, and the slope breaks.
Both cases have bought exactly 10 courses so far, because both were fixed for five years. From month 60 they part. We remortgage this client onto 4.37%; the case that stayed put rolls onto the lender's 8.24% variable rate and its payment jumps from £1,548 to £1,941.
Remortgage. We diarise the end of every fixed rate we arrange and come back to you six months before it lands, because a lender's variable rate is the most expensive thing on this page. See the rate table
Ten years in, the gap is 3 courses.
17 courses against 14. In money, £15,628 more of this house belongs to its owner than to the version of them who took the first rate they were shown, and over the whole term the difference in interest is £140,108.
That is what searching the whole market is worth here. It is one house, one deposit and one term; the only variable is the rate, and the rate is the part we do.
Our fee is £395, payable on completion and never before. We are also paid a procuration fee by the lender, and we will tell you what it is before you apply. How we are paid
The back half of the term
The annuity curve is convex, so this is where it stops crawling. Each row below is one year of the same case: the courses owned, what the high-street version owns, and what is still outstanding. Each row arrives at the reading line in the year it is about.
- 13
- yours
- 22/48
- high street
- 18/48
- gap
- 4
- outstanding
- £156,674
- 14
- yours
- 23/48
- high street
- 20/48
- gap
- 3
- outstanding
- £146,519
Half the house arrives in year 15, ten years later than most people expect it to.
- 15
- yours
- 25/48
- high street
- 21/48
- gap
- 4
- outstanding
- £135,910
- 16
- yours
- 27/48
- high street
- 23/48
- gap
- 4
- outstanding
- £124,828
- 17
- yours
- 29/48
- high street
- 25/48
- gap
- 4
- outstanding
- £113,253
- 18
- yours
- 31/48
- high street
- 27/48
- gap
- 4
- outstanding
- £101,161
The gap between the two rates is at its widest here, and starts closing from now on.
- 19
- yours
- 33/48
- high street
- 29/48
- gap
- 4
- outstanding
- £88,530
- 20
- yours
- 35/48
- high street
- 32/48
- gap
- 3
- outstanding
- £75,336
- 21
- yours
- 38/48
- high street
- 35/48
- gap
- 3
- outstanding
- £61,554
- 22
- yours
- 40/48
- high street
- 38/48
- gap
- 2
- outstanding
- £47,157
The last three years buy nine courses, more than the first ten years managed between them.
Year twenty-three, and the ghost has almost caught up.
43 courses against 41. Both houses will be owned outright on the same day, because a 25-year term ends whether or not the rate was right. The gap was never going to be in the finish. It was in what it cost to get there.
The last course.
£162,673 of interest over the term, and £140,108 less than the same house, on the same day, at the rate they were first offered. That difference is the whole of what we do.