Lenders lowering mortgage arrangement fees
Many of the banks and building societies have been lowering their mortgage arrangement fees over the last 12 months and they are now around £100 cheaper.
Figures from data firm Moneyfacts show that the average fee for a mortgage with a 40% deposit is £1,582, down from £1,671 a year ago.
Aaron Strutt, product manager at Trinity Financial, told The Sunday Times: “Over the past few years many lenders have been increasing their arrangement fees, so this is quite a change.
“Borrowers do not have to pay huge set-up costs any more to get a decent rate as banks and building societies are trying to attract new customers. As part of this process they are lowering mortgage set-up costs. Some even offer cashback.”
If you would like help to find a mortgage with a competitive arrangement fee, call Trinity on 020 7016 0790.
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