Lenders pile pressure on Brits with mortgage debt woes
Lenders pile pressure on Brits with mortgage debt woes
Monday 16th June 2008
With financial pressures mounting on households, thousands of homeowners are this year expected to apply for fixed rate deals for the stability they offer.
However, according to research from MoneyExpert.com, the cost of fees for such deals has increased hugely recently - potentially putting them out of reach of homeowners who most need them.
In a survey of the market, the site found that 323 fixed mortgages - 34 per cent of the total fixed mortgage market - now charge applications of £750 or more.
In September 2006, just 22 deals charged fees this high.
Sean Gardner, director of MoneyExpert.com, said: "Lenders are sick to death of risky borrowers and they won't be taking any chances in the near future.
"That means high fees, high interest rates and very little manoeuvrability when it comes to negotiating your mortgage."
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