Contact us
Hamilton Piers
7 The Square
Great Notley
CM77 7WT
Tel: 01376 341141
Email: notley@hamiltonpiers.co.uk
Increased competition between lenders has seen the number of
fee-free fixed rate mortgages more than double over the past twelve months.
According to recent data from Moneyfacts, there were 556
fee-free deals just over a year ago, compared to 1,162 by the end of 2016.
Although the number of fee-free deals has increased, average
fixed rate fees have gone up by £30 from £954 to £984 over the past year. The
average two-year fixed rate, however, has fallen from 2.67% to 2.34% in the
last 12 months, which suggests some lenders are introducing lower rates but
with higher fees.
Fee-free mortgages usually have slightly higher rates than
those which do charge a fee, but they often still work out to be more
cost-effective overall once fees are factored in.
Calculations show that borrowers with a 25% deposit opting
for the lowest two-year fixed rate deal with a fee could be more than £1,000
worse off than if they’d gone for a deal with no fee.
It’s important that when comparing deals, borrowers always
look at the total cost, rather than just the headline rate of interest charged.
Contact us
Hamilton Piers
7 The Square
Great Notley
CM77 7WT
Tel: 01376 341141
Email: notley@hamiltonpiers.co.uk
Chelmsford Property Centre
4 Torquay Road
Springfield
Chelmsford CM1 6NF
Tel: 01245 269777
Email: chelmsford@hamiltonpiers.co.uk
The Old Post Office
1-3 The Street
Hatfield Peverel
Essex CM3 2DL
Tel: 01245 381 416
Email: hatpev@hamiltonpiers.co.uk
Prestige Homes
7 The Square
Great Notley
CM77 7WT
Tel: 01245 956622
Email: prestigehomes@hamiltonpiers.co.uk
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Hamilton Piers (Great Notley) is a trading style of Feldon Associates Ltd Registered in England no. 03527791 Hamilton Piers (Chelmsford) is a trading style of Clearline Associates Ltd. Registered in England no. 09042397 Hamilton Piers (Mid Essex) is a trading style of Homeview Ltd Registered in England no. 10623276