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.
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