The fees charged by mortgage lenders have risen to a five-year high as banks struggle with a slower property market, while rates on long-term fixes have begun to creep up.
Mortgage lenders have been hit by the slowdown in the property market. With fewer homes changing hands, they have increased fees to raise revenue.
Data from Moneyfacts, a personal finance site, shows that the average arrangement fee has increased to £1,005, the highest since August 2013. Arrangement fees are often charged in addition to valuation and legal costs.
