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Mortgage Guide
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The Costs of a Mortgage in the UK

Why The Mortgage Lenders are So "Greedy"

Over the last few years, peoples' behaviour with regards to mortgages has changed:

* Nearly 25% of borrowers change mortgages every year

* It's normal to remortgage every 2-3 years to get the best interest rates

* Moving between lenders is much more common

This has led to fierce competition between lenders, as they vie with each other to offer the lowest headline rates. The result has been a tightening of profit margins for many mortgage lenders, and has prompted some of them to start increasing their fees in order to recoup some of their lost profits.

Despite this competition, fees and charges still vary widely between lenders:

* Arrangement fees can range from £0 up to 1% or more of the loan amount

* Exit fees can vary from £0 to around £300

* Remortgaging fees also vary widely

It is more important than ever to shop around if you are looking for a mortgage - whether it is a remortgage or a first mortgage. You will be sure to be offered a wide range of deals, some of which will be much more suitable for your needs than others.

A good independent mortgage advisor can be invaluable here, as they will already be familiar with the different lenders' rates, policies and fees, and will be able to understand your circumstances and help you find the best overall package.



To read more on this subject please see the list below or your mortgage guide or your home buying guide

Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below

Value of Property £  
(eg 125000)
Borrow How Much? £
(eg 92500)
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