Home loan fees rocket to a new high

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The Independent Online

Mortgage fees have reached new high levels, according to analysts at Moneyfacts.

Four years ago the average fee was £889. Since then it has climbed 70.3 per cent to £1,514.

Sylvia Waycot of Moneyfacts said: "There is no logical reason why fees have increased so much. In August and September alone, they have increased by an average of £42."

She suggested that lenders may be keen to push the high fees because they are an upfront cost.