Fixed-rate mortgages have increased
Since August, lenders are charging
an application fee when homeowners are applying for a fixed rate
mortgage, there has been an 18.5% jump since August, and MoneyExpert
The first base rate rose in August,
today new products are coming with a standard fee and MoneyExpert
feel these fees are rising more and more every year.
Chief executive, Sean Gardner at MoneyExpert,
commented: "Homeowners are desperate to fix their mortgage
rates to avoid incurring further costs caused by rising interest
Further more he said: "However, banks aren't stupid and fees
should be taken into considerations if you're looking to switch.
"You could incur exit and application
fees just for moving provider so check before you commit. These
can be hefty and may mean the difference between staying put and
There are products today on the market
which do not have a set application fee, its up to homeowners
to choose what deal they would like to take on as some deals contain
no application fee charge, analysis investigated further.
When applying for a mortgage there
are some people who are being charged 2%, which simply means if
you have a loan of £200,000, a buyer would have to be charged
£4,000, MoneyExpert feel homeowners need to be careful and
no what deal they are getting themselves into.
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