Watchdogs online mortgage tables go live

Consumers will be able to log onto the watchdogs mortgage tables and interactively find information from more than 100 mortgage providers - giving comprehensive coverage of the market. They can compare:

• interest rates, including both the initial and standard rate as well as the APR, giving a sense of both the short and longer term value offered by an individual product;

• any restrictions, such as early repayment charges. Details can be found in the product summary that is provided for each mortgage;

• fees and incentives, including higher lending fees, valuation fees, set-up fees and cashback;

• flexibility, that is mortgages which allow you to pay less, more or take a payment holiday; and

• whether the mortgage can be linked to your current account so that you pay less interest on your mortgage which could result in you paying off your mortgage sooner.

Beverley Brewster of the FSAs comparative tables team, said:

"Unlike other websites, these tables are not trying to sell you a mortgage. Theyre intended to help you shop around and make a shortlist of the best value deals. Then you can explore the ones that interest you in greater detail directly with the provider or broker concerned.

Dont go on first impressions - look beyond the initial rate and consider the whole package. For example, are there any restrictions or penalties for paying off your mortgage early, additional fees, incentives such as cashback, or flexibility allowing you to pay off more, less or take a payment holiday if you need to? All these features can make a difference to the overall value that you get on your mortgage."

Launched just over a year ago (October 2001), the watchdogs ground-breaking tables enable consumers to compare the costs and features of a range of financial products, including Unit Trust & OEIC ISAs, personal and stakeholder pensions, investment bonds, mortgage and savings endowments. Annuities tables are planned for spring 2003.

Notes for editors

1. The tables are aimed at residential owner-occupiers taking out a sterling mortgage as a first charge on their property.

2. Other than some very small or specialist lenders who are exempted from participation, there are no non-participants.

3. Flexibility is defined by the tables as: each calendar year, the borrower must be able to make overpayments up to at least 10% of the balance outstanding at the start of that calendar year. Daily or monthly interest calculation must be applied to all overpayments, whether regular or lump sum. The terms of the mortgage product allow the borrower to make reduced monthly payments and/or take a payment holiday.

4. For more information about mortgages which will help consumers know the right questions to ask, the FSAs Guide to Mortgages is available free from the FSA Consumer Helpline on 0845 606 1234.

5. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the appropriate degree of protection of consumers; and fighting financial crime.

6. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.