Mortgage lenders increase their low deposit arrangement fees
Mortgage lenders are increasing their arrangement fees for low deposit mortgages and some are as high as £1,675. The lenders are charging a real mixture of fees and, by shopping around, it is possible to make large savings.
Research by data firm Moneyfacts for The Sunday Times shows three months ago the average arrangement cost for a 95% loan-to-value loan was £295. This has more than tripled to £1,075 today.
NatWest is offering one of the lowest two-year fixed rates at 4.99% if you have a 5% deposit. This Help to Buy mortgage does not have an arrangement fee and the maximum loan size is £570,000. The APR is 4.4%.
January 31, 2014
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