Application fees hiked by 22% in a year

It says the average application fee for a discount mortgage is now £407 while for a fixed-rate mortgage it is £494. The research accuses mortgage lenders of seeking to increase profit margins through the use of higher fees because of the current low Bank of England base rate. It says average application rates for discount mortgages have increased from £354 a year ago to £407 now - a rise of 15% - while on fixed-rate mortgages the increase has been 22% from £402 to £494. MoneyExpert also points out these are the average fees, and some discount mortgages are now charging as much £749 while...