Mortgage fees hit a 2 year high despite mortgage rates reaching record lows.
Mortgage fees have seen a sharp increase in the last 2 years, even though mortgage rates are extremely low.
Both fixed rate deals and tracker mortgages have been affected as banks appear to compensate for a drop in profits.
A word of caution though: a cheap loan may look attractive at first but the whopping fee may mean that you end up paying more over time. For example, Leeds Building Society’s rate of 1.7% is higher than some others currently available, but their relatively low fee of £199 could mean a significant saving over your mortgage term, when compared to a high fee low rate offer. Like for like comparison can be difficult to make on your own, and so seek help from a fully qualified independent expert.
The permutations of rates versus fees are many and varied and offer a head-spinning array of options. Researching which one is right for you and your particular circumstances, can be a very intimidating prospect indeed. At Deal Direct, we do the comparisons for you making your options easy and clear.
Why use Deal Direct?
With over 10 year’s mortgage industry experience, here at Deal Direct we:
- have a wealth of in-depth sector knowledge and experience
- are a whole of market broker
- are not affiliated to a specific lender
- are impartial and independent
For no-obligation advice and a low rate quote call 0800 048 8828.
