Cost of mortgages increase
Not only are mortgage deals becoming fewer in number, the cost to secure one of these deals has gone up by 20% over the past 12 months. Research by the mortgage comparison website mform.co.uk shows that arrangement fees have risen from £738 to £890. Fees on the best buy fixed rate deals are higher still, topping the thousand pound marker.
With rising fees it is important to consider the APR of the deal, which includes all costs, and not just the headline interest rate. Remember as well that some of these deals are only for two years and so you’ll be having to pay the same amounts again in the not too distant future.
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The Finance Section » Blog Archive » Cost of mortgages increase…
No wonder the housing market is struggling to pick up. Potential buyers are struggling to obtain a mortgage and when they do find a suitable deal, they are being hammered by ever increasing fees….
Cost of mortgages increase…
It’s not surprising that the housing market can’t get moving as potential buyers struggle to find a suitable mortgage deal….