Mortgage arrangement fees increase 70% in four years

Aaron Strutt Image
The average mortgage arrangement fee has increased by 70% since March 2008, according to latest research by Moneyfacts.co.uk. Over the past four years, the average fee has increased from £899 to £1,514, despite dipping briefly to £924 in September 2010. The average mortgage rate has fallen by up to 2% over the last four years.  In March 2008 the average two year fixed rate was 6.34%, significantly higher than today's 4.57%. Aaron Strutt, a broker at Trinity Financial, says: “There is real choice in the mortgage market at the moment. If you want a mortgage with a low arrangement fee there are lots of lenders offering decent deals. “For example, Nationwide's standard arrangement fee is lowered to £495 for first time buyers and they have some fee free options. At the other end of the scale, Skipton has just launched a new 15% deposit two year fixed rate at 4.09% and it has a £2,495 fee.” September 7, 2012
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