Homeowners who are looking to find a remortgage have again been urged to check the small print for hidden fees to ensure they do not miss out on savings.
The advice follows HSBC's announcement that it is introducing a new five-year fixed rate mortgage offering at 5.55 per cent, which may interest people who want their mortgage product to help them start saving money.
Among the terms offered by the financial services provider's mortgage deal, homeowners will not be required to pay a higher lending charge or an exit fee.
On top of this, it is guaranteed that they will not be charged any booking fee.
Rob Chesters, head of mortgages at HSBC, explained that some mortgage products from other banking institutions may become less attractive when additional charges are taken into account.
"We advise any borrower…to check behind the headline rate for hidden fees, charges and extended tie-ins," he said.
"Exit fees and high arrangement fees charged by some lenders can wipe out the savings made by remortgaging."
Last week, the Bank of England opted to raise interest rates by a quarter of a percentage point.
Typically, any base rate rise sees financial services providers upwardly revise the terms of new fixed-rate mortgage offerings.
Financial services provider warns about hidden charges on some mortgage products
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Financial services provider warns about hidden charges on some mortgage products
Mon, 15 Jan 2007
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