Average mortgage fees in the UK have soared 27 percent to £1,502 (S$3,016) since 2009, according to research done by Moneyfacts.co.uk.
“The number of mortgage deals has increased but fees are at their highest since our records began, so consumers need to check the true cost of any mortgage offer,” said a spokeswoman from Moneyfacts.
While most loan rates have continued to decline since 2009, the research shows that mortgage fees have hit their highest level since Moneyfacts began tracking such data more than 20 years ago.
The average mortgage fee now stands at £1,502 (S$3,016) compared with £1,181 (S$2,371) in March 2009.
In addition, the number of mortgage products rose 80 percent to 2,612, compared with just 1,452 in March 2009.
Meanwhile, the average rate of two-year fixed mortgages fell to 4.6 percent while five-year fixed-rate mortgages declined to 4.82 percent.
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