Many homeowners are not taking in to consideration additional fees when they remortgage, lenders and borrowers are more focused on the interest rate and are ignoring any associated costs attached to these low interest rate mortgage deals.
The average lenders arrangement fee is now more than £1000 which is the highest it has been for 4 years according to Moneyfacts.
Rates are at the lowest ever seen in the mortgage market but headline interest rates come with higher arrangement fees.
By seeking advice from a mortgage consultant, they can search the whole of the market and offer you advice on the most cost-effective mortgage deal to meet your needs and circumstances.
Most mortgage lenders will allow you to add their arrangement fee to the loan and this is the trap many borrowers are falling in to by not calculating how much extra this is going to cost them.
Some borrowers would be better off taking a slightly higher interest rate with no arrangement fee.
Let Homeline Mortgages take the stress out of remortgaging – call us today on 01202 937 444