Remortgaging? Watch Out For Arrangement Fees

I mentioned in my previous post, about the effects on your mortgage with a change in interest rates, that you should get a mortgage broker to search the market and to find you a better deal if your current deal is about to expire.

Unfortunately, getting a new mortgage doesn’t come cheap, especially as the fees imposed by lenders have doubled in the last 2 years.

The average arrangement fee has gone from £441 in 2005 to £827 today – largely down to lenders trying to recoup some of the money lost when their excessive exit fees were outlawed. As is often the case, it’s a case of one door being shut and the banks finding another one to open.

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