The cost of fees involved in taking out a mortgage has soared by up to 60 per cent in less than 12 months, new research shows.
A survey by mortgage adviser Mform.co.uk show that fixed-rate products now have arrangement fees of up to £2,500 attached, reports the Daily Mail.
The research found that the average fee last August was £590, compared to £938 now, an increase of almost two-thirds.
It also shows mortgage lenders are charging borrowers percentage fees on the amount borrowed, meaning that the cost of setting up a deal can run into the thousands.
Francis Ghiloni, business development director at Mform, said: "It has never been more important to look at the true cost of your mortgage, taking into account the interest rate but also any fees and charges that you have to pay."
Meanwhile, Checkmate Mortgages has announced that is has secured financial backing which will allow it to begin offering people loans from next year.
Mortgage fees up by 60 per cent, study shows
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Mortgage fees up by 60 per cent, study shows
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