Average mortgage arrangement fees have nearly doubled over the course of the last two years, it has been claimed.
Moneyfacts.co.uk reports that in November 2005 the average flat arrangement fee stood at £441 but this has now risen to £827.
David Knight, mortgage analyst at the firm, said that many borrowers would be coming to the end of their fixed-rate mortgage deals and are probably anticipating paying higher interest charges.
"But they will also need to prepare themselves to pay much higher fees, with the average fee rising 100 per cent," he warned.
However, 24 per cent of all mortgages available on the market do not charge a fee, meaning borrowers do have a certain degree of "choice", Mr Knight commented.
In related news, the Council of Mortgage Lenders recently reported that gross lending rose by six per cent in October to £32.4 billion, up from £30.6 billion in September.
Despite the rise, the council's director general Michael Coogan suggested that lending activity would be affected by "funding constraints".
Mortgage arrangement fees rise
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