Fixed rate mortgage application fees double in '08

A study by mform.co.uk says fees on five of the most competitive three-year fixed rate deals have jumped from an average of £578 to £1,132 and from £999 to £1,478 for two-year deals. The price comparison website is urging borrowers on the look-out for a new deal to focus on the true cost of their loan, taking into account fees as well as the initial monthly payment. It says higher fees are the latest setback for borrowers, as most can expect to see no savings on their initial monthly payments on their new fixed rate mortgages, despite last week’s Bank of England rate cut. Last October,...