Fixed rate mortgage fees raised once again

18/06/2008

The number of homeowners currently on a fixed-rate mortgage face depositing more in fees than they did over a year ago, new research by MoneyExpert.com explains further information.

A recent survey carried out byMoneyExpert.com found that during September 2006, only 22 fixed-rate mortgages charged application fees of £750 and more.

Through changes in the market sector that figure of 22 has rose to a staggering 323, evaluating a third only (34 per cent) of the total market for such fixed rate deals.

Director of MoneyExpert.com, Sean Gardner, commented: "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. The days of fee-free mortgages are over and frankly getting anything under £1,000 is something of a coup."

The charges for Stamp duty will add additional costs for potential borrowers looking to move to a new property.

Obtaining a fixed rate mortgage deal has become a challenge for majority; some feel that by the end of 2009, applying for a mortgage deal will become easier.

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