UK Money News
17th April 2008
Brits 'overpaying' by adding fees to mortgage
Britons who add fees to their mortgage are paying significantly more for the service than those who pay upfront, new research shows.
According to data from uSwitch.com, almost eight million people have added arrangement fees onto their mortgage, with a third of these having been advised to do so.
However, the site calculates that in so doing they are paying up to 112 per cent more than those who paid the fee upfront.
This is borne out by its findings that while the average mortgage set-up fee is £987, this can rise as high as £2,094 when the arrangement fee is added on.
Ann Robinson, director of consumer policy at uSwitch.com, said: "Adding fees to a mortgage means that you will be spreading the amount over many years and paying interest for the pleasure of doing so - this is an extremely expensive option and should always be seen as a last resort.
"If you can in any way manage to pay the fee upfront this will always be your best option."
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