UK Money News
20th November 2007
Larger deposits 'can mean higher charges'
First-time buyers up and down the country are paying more than they anticipated for their mortgages as a result of hidden charges, it has been claimed.
Personal finance advice provider the Motley Fool has stated that buyers putting down a five per cent deposit on a home could find themselves paying more than those who present only a four per cent proportion.
This is because those putting down the smaller sum can avoid higher lending charges, which continue to be levied against those placing greater deposits.
Jane Baker, mortgage expert at the Motley Fool, says: "It is possible to put down a smaller deposit and still pay less.
"But remember, it's essential to look at mortgage deals in their entirety taking into account all the costs that apply."
In money news yesterday, personal finance product provider Abbey stated that as many as one in four first-time buyers would consider moving to a different area of the country to get on the housing ladder.
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