£1,000 to Remortgage
Today's Daily Telegraph reports that up to a million homeowners who are coming to the end of their current fixed rate mortgages, are facing fees of £1,000 or more to remortgage.The Investment Bank, Credit Suisse, estimates that one in five British homeowners switched mortgages to fixed rate deals in August 2005 after a cut in interest rates. Most took out two-year fixed rate deals, which are now coming to an end.
These will have to be replaced by more expensive mortgage deals, many of which will also carry an arrangement fee of £1,000 or more.
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