Brits are flocking to fixed rate mortgages, yet being hit by big fees. There may be an interest rate rise in May, so borrowers have been rushing to take out fixed rate mortgages .
85% of mortgage applications with online mortgage company Mform.co.uk have been for fixed rate deals, with there being a 30% increase in applications compared with March.
As Britons have moved to fixed rate mortgages, lenders have started getting cheaper deals and fees have been going up.
Money market moves mean lenders withdraw mortgage deals so borrowers get the best possible deal.
Focusing on the true cost of your deal means keeping an eye on fees as they can eat into your savings considerably.
The 10 cheapest two year fixed rate mortgages in terms of interest rate comes with fees ranging between £499 and £999. Other fees can go up as high as £1,499.
Should you add the interest rate to the cost of the fee, the full mortgage costs show lenders with higher initial rates as being more competitive. Stroud &Swindon have a 5.34% two year fixed rate deal and the Abbey has a fee free 5.74% two year fixed rate mortgage.
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Home Buyers Warned About Fixed Rate Mortgage Fees Mon, 30 Apr 2007
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