Fixed Rates and Mortgage Fees on the Rise

According to Financial Reporter, Fixed Rate Mortgages and Mortgage Fees in general have begun to rise.

Research by Moneyfacts shows that average rates for fixed mortgage deals, both with and without a fee, have increased by 0.25% and 0.33% respectively since July. However, these remain 0.35% and 0.19% lower than in March of this year.

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Similarly the arrangement fees paid for those taking out new fixed rate mortages have risen since the loosening of lockdown restrictions. Eleanor Williams of Moneyfacts said:

“While fixed rates remain lower than pre-pandemic levels, there may be mortgage borrowers who want to take advantage and secure a new deal but are hesitating due to concerns around needing to cover additional expenses, such as paying a product fee or having to meet other set-up costs like conveyancing fees or valuation expenses. The average fee charged on a fixed rate mortgage has risen to £1,066, £26 higher than it was in March, and £48 more than in June.”

Buyer registrations are booming, the Stamp Duty Holiday deadline is looming and now Mortgage Rates are rising. Now is a perfect time to move.

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