UK Mortgage Fees Rise by 17% in a Year

UK mortgage fees have skyrocketed by more than 15% in just one year, reveals a recent report by Moneyfacts.

A recent report by Moneyfacts suggests that mortgage fees in the UK have increased by over 17% in a year.

At the moment, an average mortgage fee borrowers have to pay stands at 1050 pounds, which is 150 pounds up from the same time last year.

The report found out that only 12% of all mortgage loans available from UK banks do not have an arrangement fee.

Meanwhile, interest rates on mortgages in the UK have reached the lowest level since 1988. Now, a 5-year fixed home loan is available for 4.99%. A 3- and a 2-year fixed mortgage can be obtained for 4.74% and 4.24% accordingly.

Moneyfacts recommends all UK borrowers to pay attention not only to the interest rates, when choosing a mortgage, but also to other expenses and fees.