Stumbling block for first-time buyers
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.”