UK Money News
22nd July 2008
Borrowers stung by mortgage application fees
Mortgage providers are demanding higher application fees from borrowers in the face of the credit crunch, it has been revealed.
According to a study conducted by mform.co.uk, since August last year, which is widely held to be start of the credit crunch, application fees on best-buy mortgages have risen by an average of 20 per cent.
This has brought the fees up from £738.33 to £889.69 - an increase of over 20 per cent.
Francis Ghiloni, marketing and business development director at the site, commented: "With the current challenges facing the mortgage market, it is not surprising to see that fees have risen by so much.
"This means that 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."
The study also showed that some fees have increased in price by as much as 60 per cent, with application charges on a best-buy three-year fixed rate deal rising from £590.40 to £938.
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