Stum­bling block for first-time buy­ers

Yorkshire Post - Property - - PROPERTY -

MONEY­FACTS re­search re­veals mort­gage fees have in­creased 68.5 per cent in the past year.

Sa­man­tha Baden, prop­erty an­a­lyst at Find­aprop­erty.com says: “Mort­gage rates fell over the past year as the Bank of Eng­land base rate held steady at 0.5 per cent, so it’s no sur­prise that lenders have started look­ing at other ways to make their money, in­clud­ing by in­creas­ing mort­gage fees.

“Un­for­tu­nately, this trend for lenders to in­crease their fees won’t help any buy­ers, but it is likely to par­tic­u­larly dis­ad­van­tage first-time buy­ers who are al­ready strug­gling to save for their first de­posit. With the end of the stamp duty hol­i­day just around the corner, these mort­gage fees are yet an­other stum­bling block.”

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