While interest rates for mortgages are currently very competitive, it’s not all good news for prospective buyers. According to a recent survey by Moneyfacts: http://moneyfacts.co.uk/news/mortgages/average-mortgage-fees-at-21-month-high/ the average mortgage fee charged by lenders is higher now than at any time since May 2014.
The figures show that the average UK mortgage fee today is £956, the highest for 21 months. The average fixed mortgage fee is £964, whereas variable mortgage fees come in slightly lower at an average of £933.
In today’s low-interest environment there are some fantastically competitive mortgages on offer. But what this survey shows is that it pays to know exactly what’s on offer. A hefty mortgage fee can wipe out any savings made by an eye-wateringly low fixed-interest deal.
And with many mortgages out there on the market, there is a dizzying array of choice.
The good news is that at Acorn4mortgages working out the true cost of a mortgage is our bread and butter. We scour the market, we read the small print, and we do the calculations. So that when it comes to advising our clients, we can show them how different deals are likely to work out when all the costs are taken into account.
As ever, there a lot of different factors to consider. Whether you’re a newcomer to the property market or a seasoned pro, we can provide the extra insight and expertise to achieve your goals. Please do not hesitate to contact us:
0800 970 1795
terry@acorn4mortgages.co.uk