The average mortgage fee has increased by over £300 in the last three years, shows the latest figures from Moneyfacts.
Its research shows that although residential mortgage rates have continued to fall in most cases compared to three years ago, mortgage fees are the highest since Moneyfacts records began over two decades ago.
The average mortgage fee is now £1,502, compared to £1,181 in 2009.
|Number of mortgages||1,452||2,612||+1,160|
|Number of mortgages (90% LTV)||89||301||+212|
|Number of mortgages (85% LTV)||169||452||+283|
|Number of mortgages (75% LTV)||429||670||+241|
|Number of mortgages (60% LTV)||272||392||+120|
|Average 2 year fixed rate||4.79%||4.60%||-0.19%|
|Average 5 year fixed rate||5.62%||4.82%||-0.80%|
|Average 2 year tracker rate||3.54%||3.62%||+0.08%|
|Average lifetime tracker rate||3.95%||3.71%||-0.24%|
|Average mortgage fee||£1,181||£1,502||+£321|
|Average credit card rate||17.7%||18.6%||+0.9%|
|Average loan rate (£10,000)||9.5%||8.0%||-1.5%|
|Average authorised overdraft rate||13.61%||15.25%||+1.64%|
|Source: Moneyfacts.co.uk 2.4.12|
A spokeswoman for Moneyfacts.co.uk, says: “Over the last three years mortgage choice has almost doubled, which will be good news to prospective borrowers.
“While the number of mortgage deals has increased, fees are at their highest since Moneyfacts records began, so consumers need to check the true cost of any mortgage offer.”