£2,000 Fees for Fixed Rate Mortgages
A report in today's Daily Telegraph shows that many banks are now charging over £2,000 for anyone wanting to take out a fixed rate mortgage.Moneyfacts, the financial research house that carried out the survey, says there are now 137 mortgage deals in the market that charge £1,995 or higher - one in seven of all mortgages. This is in sharp contrast to two years ago, when only one deal charged more than £1,000. Average fees have risen by more than 50 per cent over the past two years, from £495 to £774.
Northern Rock, for instance, charges a 3.5 per cent fee on one of its mortgages - on a £150,000 mortgage - which is the average amount a home buyer borrows - the fee equates to £5,250.
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