Could mortgage arrangement fees make flats to rent attractive?
Increasing numbers of people could be tempted to look at flats to rent in the London borough of Enfield when they read the latest advice from one organisation.
According to moneysupermarket.com, some mortgage headline rates can be misleading and people end up paying far more than they expected to for their loan.
This is because some providers charge mortgage arrangement fees.
Although they offer lower rates, consumers end up paying more because of this extra cost and the difference can be several thousand pounds.
Clare Francis, site editor of the price comparison site, said: "When it comes to looking for a mortgage, borrowers mustn't be blinded by attractive looking headline rates."
She added it is "vital" for borrowers to take arrangement fees into account when taking out a mortgage.
With this in mind, more people could be tempted to rent a property instead of facing these high charges.
It is not only arrangement fees Brits may be concerned about, as Stuart Law, chief executive officer of Assetz, recently described the rates charged by some lenders as "excessive".
Posted by Andy Britten
Published 27th September, 2010
© 2010 Estates IT Limited
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Research from one organisation shows some mortgage providers charge high arrangement fees.