6 Aug

Homebuyers 'should be aware of hidden mortgage charges'

Homebuyers 'should be aware of hidden mortgage charges'

Brits looking for houses for sale in the UK should make sure they take into account all features of a mortgage before signing a contract.

According to the Council of Mortgage Lenders, people can often only look at the initial rate to determine how much it will cost them, but hidden charges can hit property buyers in the pocket.

Sue Anderson, head of member and external relations at the group, suggested that borrowers should be clear about all aspects of the product they are buying into in order to know whether they can afford it.

She added that mortgages with low rates and higher charges for extra options are fine "as long as it is fair and transparent in terms of the way it is presented to the borrower and they know what they are getting".

HSBC recently reported that homeowners using estate agents could find that early redemption charges vary up from £1,500 to £7,590 on some mortgage options currently on the market.ADNFCR-1222-ID-800016105-ADNFCR

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