Mortgage fees highest in 25 years

Mortgage fees highest in 25 years
The average mortgage arrangement fee has risen to £1,522, the highest figure ever recorded by Moneyfacts.co.uk.
Despite a large number of mortgage lenders driving their rates down to record lows over recent months, arrangement and booking fees have been steadily rising. During the first three months of this year, fees have risen by £112, with average fees in the high loan-to-value market increasing the most.
A typical five-year fixed rate mortgage with a 90% loan-to-value today has an average fee of £1,433 compared with £929 in January this year. The average fee for a deal over the same term with a 75% LTV has a typical fee of £1,258 compared with £964 at the start of this year.
Whilst many mortgage deals offer competitively low rates, it is always wise to be aware of the hefty fees involved. We can put you in touch with an independent mortgage adviser who will be aware of all lenders fees, and can offer advice for the most suitable mortgage for any particular situation.