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Impact Of Rising Mortgage Fees
Market Comment - FindaProperty.com On The Impact Of Rising Mortgage Fees
Moneyfacts research that reveals mortgage fees have increased 68.5 per cent in the past year. Samantha Baden, property analyst at Findaproperty.com comments:
"Mortgage rates fell over the past year as the Bank of England base rate held steady at 0.5 per cent, so it's no surprise that lenders have started looking at other ways to make their money, including by increasing mortgage fees.
"Unfortunately, this trend for lenders to increase their fees won't help any buyers, but it is likely to particularly disadvantage first-time buyers who are already struggling to save for their first deposit. With the end of the stamp duty holiday just around the corner, these mortgage fees are yet another stumbling block that young people will have to cope with before they can take their first step onto the property ladder.
"We'd advise anyone looking to buy their first property to make sure they shop around for a mortgage. While arrangement fees are rising overall, there remain a number of lower fee, or even zero fee options available on the market for the savvy buyer."
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