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Take this as an example. Mortgage 1 is fixed at 6.99% for 6 years. Mortgage 2 is fixed at 8.19% for 6 years, but which one is the cheapest I hear you say! On first impressions mortgage 1 looks cheapest at 6.99% interest, but be aware, you could be wrong! Have you taken into consideration how the lender calculates their interest, is it annual or daily/monthly? Are there any fees such as arrangement or MIGs? Do you know the interest rate you will have to pay once the fixed term has ended? If not, then how do you know that mortgage 1 is cheapest!
In order to compare properly, you need to look beyond the headline rate and use the annual percentage rate and total cost calculation to do this.