Beware of 'fee-free' deals warns Moneysupermarket
www.moneynews.co.uk > Mortgages > Beware of 'fee-free' deals warns Moneysupermarket
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Money News |
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Beware of 'fee-free' deals warns Moneysupermarket
Tue 31st Oct 2006
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Fee-free refers to the lack of application fee charged by lenders on completion of an submission for a mortgage.
Louise Cuming, head of mortgages at Moneysupermarket has said that she believes fee-free is only a benefit to customers with a mortgage less than £57,000.
Allied to this, Ms Cuming asserted her belief that first-time buyers are being confused when swamped with complicated fees associated with mortgages.
"First-time buyers are stretching themselves to the maximum for their budget. I would recommend looking for the best value fixed-rate because then you've got that peace of mind," remarked Ms Cuming.
She added: "People who are stretching themselves should go for a fixed-rate. Rates are edging up though so if you know what you want, don't wait too long."
Research undertaken by Moneyexpert showed that the average valuation fee charged by mortgage lenders was between £190 and £565.
Related News : Mortgages |
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