Mortgage fees have hit their highest level since records began, figures from Moneyfacts reveal.
Initial residential mortgage rates have, however, continued to fall in most cases compared to three years ago.
The average deposit needed for a mortgage currently hovers around the 25% mark down from 40% three years ago.
Rachel Springall, spokeswoman for Moneyfacts, said: “Over the last three years mortgage choice has almost doubled, which will be good news to prospective borrowers.
“The number of higher loan-to-value mortgage products has increased, giving more choice to borrowers with limited deposits.
“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.
“Borrowers affected by an increase to their SVR should review their repayments and consider shopping around for the best deal rather than assume it will come from their current lender.”
David Sansome, Managing Director at Sansome & George said: “Standard variable rates have been increasing recently although the number of mortgage schemes available have increased and the amount of deposit required has become more flexible.
Now is an excellent time to look at borrowing, either for house purchase or buy to let or, to consider re-mortgaging if choosing to stay put, as many fixed and tracker mortgage schemes look very attractive when compared to standard variable rates at the moment.
Our mortgage advisers will be happy to discuss your individual requirements and provide the best solution for you.”
