Increasing numbers of people are taking out fixed-rate loans despite the price of application fees rising by over 60% since September 2006.
A total of 323 fixed-mortgage deals now charge application fees of over £750, according to MoneyExpert.com, compared to only 22 eighteen months ago. The average fee now stands at £860.25. However, 59% of borrowers took out fixed-rate products in April, as they look for financial security on their mortgage payments. This marks a 5% increase on 54% in March, according to the CML. Gross lending in April increased 8%, to £26.1bn, from March, and loans for house purchases were also up 9% in volume (to 50,700) and 10% in value (to £7.7bn). First time buyers also received more loans, with a...
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