Many homeowners may be shopping around for a mortgage but only paying attention to interest rates, it has been claimed.
A new report by moneysupermarket.com found that 74 per cent of homeowners are "fixated" on interest rates, yet fewer than half choose to focus on the fees associated with a certain product.
Louise Cuming, head of mortgages at the firm, said that it is a "grave concern" that people consider interest rates to be the most important factor when choosing a mortgage .
"With fees having shot up over the past 12 months, people need to factor in the true cost of a mortgage rather than be tempted by the rate," she commented.
However, Ms Cuming said that it was "good to see" consumers choosing to shop around for their mortgages, with 60 per cent comparing products offered by several providers .
Moneyfacts.co.uk said earlier this week that the average flat mortgage arrangement fee has risen from £441 in November 2005 to £827 at present.
Borrowers focus on interest rates
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