Money News
7th August 2008
Lenders hiking fees on mortgage deals
Mortgage fees have risen over the last month, as lenders look to recover income lost by cutting rates on their home loans.
Research conducted by Moneyfacts.co.uk has found that the average fee charged on a mortgage currently stands at £1,023.
Just over a month ago, however, the average fee was just £926.
The rise comes after lenders have recently cut the rates on their mortgage products, with the hike in fees offsetting some of the impact on their income.
Darren Cook, mortgage expert at the site, said: "Research conducted by Moneyfacts.co.uk has shown that some lenders have increased rates and fees and not brought either back down.
"Other lenders have reduced rates but increased fees; some lenders have switched from charging a fixed monetary fee to offering a percentage fee."
Among the lenders who made their mortgage products more affordable are Abbey, Nationwide and Halifax.
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