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Fees on fixed rate mortgages have rocketed, says

There has been a dramatic increase in the number of fixed rate mortgages with fees above £750 since the credit crunch took hold, says

Between the start of September 2006 and June this year, the number of fixed rate mortgages with fees over £750 has gone from 23 to 323, which is 34 per cent of the total fixed rate market, according to

The website also says the average application fees on fixed mortgages have risen by 66 per cent over the same period, from £517.19 in September 2006 to £860.25 now.

The highest stipulated fee 18 months ago was £1,499 on Halifax’s two-year fixed mortgage for homeowners with a 25 per cent deposit or more.

But now the Halifax charges a fee of £3,999 on a three-year fixed deal for its existing customers who have homes worth between £500,000 and £2m. director Sean Gardner says: “Such high mortgage application fees will come as something of a shock to many homebuyers. We’re just not used to these levels of charge.

“Anyone looking to remortgage or to buy a property for the first time will need to recalculate their options if they haven’t factored in fees.

“The days of fee-free mortgages are over and frankly getting anything under £1,000 is something of a coup. “


Brokers boost share despite dual-pricing

Premier Mortgage Service managing director John Malone says brokers have increased their market share among major lenders this year despite the credit crunch and dual-pricing.

Revolutionary MPPI plan from LV=

LV= has introduced a mortgage payment protection insurance plan that differs from traditional policies by providing an option for living expenses cover and not restricting the benefit payment period.

Carry back capital gains with EIS

Tax Briefs managing director Danby Bloch told PIMS delegates that investors can make substantial capital gains tax savings by using the Enterprise Investment Scheme carryback facility.


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