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Sub-prime fees rise nearly 50%

Money Expert warns that the number of the sub-prime mortgages with a fee of over 1,000 has rocketed by over 46%.

It estimates the fees have risen across the board by 13.5%, from 813 to 923.

MoneyExpert.com research shows the number of available mortgages without a fee has decreased by a massive 81%, from 71 to only 13.

One in five mortgage brokers plan to increase the amount of sub-prime mortgages they offer over the next 12 months, but MoneyExpert.com says that customers need to watch out for high fees as the sector grows.

Sean Gardner, chief executive at MoneyExpert.com, says: The average fee payable has risen by over 100 which is bad enough. But it is startling to hear that the number of sub-prime mortgages has rocketed.”


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