Mortgage lenders cashing in on rate rise - papers 8 Dec

More than ten leading lenders increased their mortgage arrangement fees as well as their interest rates in November, leaving borrowers with even bigger home loan bills. Arrangement fees have more than doubled in recent years – 10 years ago borrowers paid an average of £300 in arrangement and exit fees, but the average borrower now pays about £900. The paper reports Andrew Hagger of Moneyfacts as saying: “It seems strange that we are continuing to see substantial rises to mortgage fees. With the increase in technology and automated systems, it seems logical that the timing and cost of pr...