Average arrangement fee hits £1,498
Mortgage arrangement fees increased by nearly 70% last year, according to research by Moneyfacts.co.uk.
The average fee has increased from £889 to £1,498 as lenders look at easier ways of topping the best buy tables.
Aaron Strutt, a broker at Trinity Financial, says: "Lots of lenders may be offering their lowest ever rates, but they have come at a cost. Many of the most popular mortgages we access for our clients have arrangement fees well below £1,000 and they often include a free property valuation and legals service."
Source: The Times
20 January 2012