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Application fees doubled on fixed rate mortgages, say mform.co.uk

Application fees on the best buy fixed rate mortgage deals have nearly doubled in the past year, according to mform.co.uk.

The mortgage website says fees on the five most competitive two-year fixes have moved from an average of £999 to £1,478 and from £578 to £1,132 for three-year deals.

It is urging borrowers coming off fixed rate deals to focus on the true cost of their loan, taking into account fees as well as the initial monthly payment.

mform.co.uk marketing and business development director Francis Ghiloni says: “After all the panic of recent weeks in the mortgage market people may be tempted to grab the best deal they can and may focus on rates to exclusion of everything else.

“They could be in for a nasty shock when it comes to the fee which is charged as they have rocketed in the past year. They should be focusing on the true cost of their loan taking into account fees as well.”

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