The Daily Telegraph
£2,000 fee the norm for a fixed-rate mortgage
Banks are charging home buyers ever-higher fees for taking out a mortgage, according to research undertaken for The Daily Telegraph. Customers wishing to fix their mortgages after five interest rate rises in the past 12 months could be faced with an “unpalatable” arrangement fee of £5,000 or higher. Fees have risen by more than 50 per cent over the past two years, from an average of £495 to £774. 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.
[The Daily Telegraph page 9 - 6.11.07
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