Scope: UK-wide; fees depend on the product and service. Use current official guidance and qualified advice for decisions involving finance, tax or legal rights.
Start with the written illustration
Use the product documentation and your adviser’s explanation to identify which charges apply. Similar-sounding fees may be presented differently, and some deals include services that others charge for separately. Avoid copying a generic fee list into your budget as though every item will necessarily be payable.
Compare a defined period
Choose the same comparison period for each option and include relevant payments and fees. A lower interest rate does not automatically make a deal cheaper if an additional fee outweighs the saving over that period. Keep assumptions about the balance, term and start date consistent.
Ask how fees are paid
Check which amounts must be paid upfront and whether any can be added to the loan. Adding a fee to borrowing can mean paying interest on it. Ask for an explanation of the effect rather than treating an amount added to the mortgage as if it had disappeared from the cost.
Check changing or leaving the deal
Find out whether early repayment charges, exit fees or other costs could arise. The answer depends on the product and when you make the change. If you might move or make a large repayment, ask about that situation specifically before committing.
A practical comparison sheet
- Initial deal period and mortgage term.
- Monthly payment under the stated assumptions.
- Product and adviser fees that apply.
- Valuation or legal services included or excluded.
- Payment timing and refund conditions.
- Costs and restrictions when changing the arrangement.
Ask an adviser to explain discrepancies between the quoted headline figure and your comparison. The purpose of the sheet is to reveal questions, not to substitute for an affordability assessment or a recommendation based on your circumstances.