Fixed mortgage fees fall 17pc in four months
Typical fees are now £711, having fallen by £149 since November when they were £860.
Ian Gibbons, Nottingham Mortgage Services senior mortgage broking manager, said: “Whatever happens to mortgage rates and fees, there are so many products to choose from if you shop around and receive the right advice, you can still find a really competitive deal that meets your specific needs.
“Our research shows that there are now 4,139 residential mortgages on the market, compared to 4,020 in November last year, and 3,027 in November 2011. So, in just over three years the number of residential mortgages on the market has increased by around 37%.
“In order to grab the headlines with a market leading low rate, sometimes lenders will charge a higher fee to offset the lower margins they make on the rate, whereas some lenders will charge lower, or even no fees, but offer a slightly higher rate.”
In the next two years brokers expected the trend to reverse however.
Nearly a third (30%) anticipated fees increased over the next two years compared to 12% who expected them to fall, while over the next six months 23% of brokers anticipated mortgage rates rising against 16% who predicted a fall.