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Regular articles on industry changes by our team.

Fixed rate fees drop

Wednesday, June 10, 2015

Average fees on best-buy fixed rate mortgages have fallen 17% since November last year, but fees on variable rates remain virtually unchanged.

Research from the Nottingham Building Society shows that average fixed rate fees are now £711 and have fallen £149 or 17% from November 2014 when they were £860. However buyers opting for variable rates have not benefited as much – average fees are £719 compared with £727 in November.

Mortgage Broker Predictions

But mortgage brokers are warning fees could start to rise over the next 24 months. Between November 2011 and November 2014, average fees on best buy fixed rate and variable rate mortgages rose by 20% and 10% respectively.

30% of brokers believe mortgage fees will increase over the next two years, against just 12% who expect further falls. Part of the reason may be pressure on rates and less competition among lenders. Over the next six months, 23% of brokers anticipate mortgage rates will rise against 16% who think they will fall.

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