Fixed-rate mortgage fees 'soar'
www.moneynews.co.uk > Mortgages > Fixed-rate mortgage fees 'soar'
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Money News |
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Fixed-rate mortgage fees 'soar'
Thu 12th Jun 2008
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The website found that in September 2006 only 22 fixed mortgage deals charged application fees of £750 or more. That has now grown to some 323 fixed products, 34 per cent of the total fixed-rate market.
Over the same period, average application fees on fixed mortgages have risen by 66 per cent, from £516.19 to £860.25.
Halifax now charges a fee of £3,999 on a three-year fixed-rate deal for its existing customers who have homes worth between £500,000 and £2 million.
Sean Gardner, director of MoneyExpert.com, commented: "Such high mortgage application fees will come as something of a shock to many homebuyers. We're just not used to these levels of charge."
Abbey recently announced that new customers opting for mortgages with a 95 per cent loan-to-value ratio, who are predominately first-time buyers, will no longer be able to add the application fee onto their mortgage.
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