Mortgage application and exit fees have increased dramatically over the past three years, according to research from mform.co.uk.
The survey reveals the average mortgage application fee today is £634 compared with £281 three years ago – an increase of 125.6%. The average redemption fee today among the main lenders is £202 compared with £105.75 in 2003 – a rise of 91%. Furthermore, none of the main lenders charged over £200 in standard redemption fees three years ago but today around two-thirds now charge this. Eamonn Rice, chief executive of mform.co.uk, says: “When choosing a mortgage, it is very important to look beyond the headline rate. Some of those with the lowest rates have the highest application and ...
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