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Reaching the top of a "best buy" table canbe the equivalent of hitting the jackpot for providers of mortgages, loans and credit cards.

Consumers hunting a hot deal often turn to these tables - found in newspapers or consumer websites and magazines - for guidance to save themselves hours of painstaking research. And being the name in the frame can make a big difference to the success or otherwise of a new financial product.

However, this desire has spawned a series of tricks to be top of the pops - from headline-grabbing introductory rates on savings accounts to low interest rates on mortgages.

These often obscure the less attractive side of the product, such as heavily restricted availability, inflated fees or bonus rates of interest that melt away after a matter of weeks. So consumers need a healthy dose of scepticism when they look at the tables - regardless of the product.

Take home loans, says Melanie Bien of broker Sav-ills Private Finance. "Lenders are in the business of making money, so if they are offering an exceptionally low rate, you can bet they are making up the difference elsewhere - usually via a higher fee."

Lenders offering the best buy rates often don't advance high percentages of the property's value, she adds, ruling out first- time buyers with small deposits. For instance, Northern

Rock has a table-topping two-year fixed rate at 3.99 per cent but it is only available up to 80 per cent loan to value (LTV). It also has a 1.5 per cent arrangement fee so only makes sense for those taking out a loan of over pounds 175,000, adds Ms Bien.

With loans of this size, the bigger fee is worth it as it is offset by the low interest rate. "There is no 'best' mortgage, only the right one for your circumstances."

Savings accounts are another area where providers can wangle their way to the top. Until recently, they could lead the tables run by financial analyst Moneyfacts - and used on these pages - by having a decent introductory offer for six months or more. But once these headline rates had fallen away, the deals were no longer so good.

Moneyfacts has now changed its tables so that there is a separate best buy chart headed, "Accounts with introductory bonuses".

The change was made after the company received emails from consumers demanding details of straightforward accounts with no hidden catches.

Moneyfacts' tables also received some unwelcome attention recently from Moneysavingexpert.com, the consumer website, after Alliance & Leicester's MoneyBack loan hit the top of Moneyfacts' tables.

Last month, the pounds 5,000 A&L loan over three years at 5.5 per cent was only a top deal for people who borrowed exactly that sum, said Moneysavingexpert.com. If you borrowed slightly more or less with loan insurance, the amount you would end up repaying increased.

The credit card industry has also come under fire, with consumer group Which? criticising providers for making it "impossible" to compare different deals.

It highlighted the following example: Cahoot's credit card has an interest rate of 11.8 per cent and seems to offer better value than HSBC at 13.9 per cent. However, if you borrowed pounds 2,800 over a year and paid your card off in full every four months, it would cost pounds 40 overall with Cahoot and pounds 38 with HSBC.

This is mainly because HSBC charges interest on

money owed from the previous month only up to the date it produces the bill. Most companies, including Cahoot, charge interest right up to the point they receive payment.

Andy White of the price-comparison website Uswitch.com says: "Customers should look at what they want from a card rather than just picking the one at the top of the table."

# posted by Medical Information : 3:31 AM