In an ideal world, you want to get the lowest interest rate you can, as it means you’re repaying less back to the lender. But there are other factors that will count towards your monthly mortgage repayments, and will therefore affect how expensive your overall mortgage is. You shouldn’t assume that the mortgage option with the lowest interest rate means it will be the cheapest overall! One of the biggest factors to consider will be the cost of actually getting the mortgage. Many mortgage deals will come with fees, such as product fees and valuation charges. A mortgage with a slightly worse interest rate but lower fees can often work out cheaper than a competitive rate with high fees attached to it. Another factor is whether you’ve chosen a variable mortgage or a fixed-rate mortgage, as this will determine whether your interest rate could change. So although the rate you were initially quoted may look like a great deal, if it’s a time-limited fixed-rate mortgage, you may find then when you’re put on the lender’s standard variable rate, your rates are much higher than comparable mortgage deals.