Have you noticed the mortgages being promoted at just 2.49% per annum? It’s hard to argue with these super low rates. But be warned they are not always what they appear.

Low rate mortgages are all the rage at the moment but check out the small print and some of the gloss wears off. Take the deal being offered by Lloyds TSB. Depending on the size of your deposit it comes with an interest rate of between 2.49% and 2.59%. But you haven’t got long at that rate – that rate only lasts until February next year, seven months. After that borrowers automatically move to a fixed rate of between 5.49% and 5.59% until November 2012.

These higher rates are at least half of a percent more than comparable three year fixes from lenders such as the Woolwich and Alliance & Leicester.

There is also a question of whether it’s sensible to fix for less than 12 months. Very few commentators are forecasting that interest rates will rise in the short term. In mid 2010 and beyond, yes, but not until then.

So if you are tempted by these super low rates, check out the small print and think hard. Better still, take professional and independent mortgage advice.