Fixed mortgage fees go through the roof |
12 2008 |
| A leading independent financial website has suggested that the number of fixed mortgages with high fees has rocketed by 1,368 per cent in the past 18 months. MoneyExpert.com conducted research which shows that the number of fixed mortgage deals charging application fees of £750 or more has increased to 323 from just 22 in September 2006. The news suggests that cagey buyers are being targeted by mortgage providers, meaning renting could well be a more financially viable alternative at present for young adults who are aspiring to be homeowners. Sean Gardner, the website's director, said: "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. "Anyone looking to remortgage or to buy a property for the first time will need to recalculate their options if they haven't factored in fees. "Lenders are sick to death of risky borrowers and they won't be taking any chances in the near future. That means high fees, high interest rates and very little manoeuvrability when it comes to negotiating your mortgage."  |
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