Consumers are quickly finding that the fees for offset mortgages are going way up and it is striking many unaware. Although there has been a huge demands for offset mortgages in the past, this is now changing as fees make them more prohibitive. For those stuck with an offset mortgage and high payments, experts recommend refinancing if possible.
At the same time however, borrowers need to be aware of the fees they will pay. Ghiloni continued, “With the current challenges facing the mortgage market, it is not surprising to see that fees have risen by so much. This means that it has never been more important to look at the true cost of your mortgage, taking into account the interest rate but also any fees and charges that you have to pay.”
Alison Hatrick of the National Association of Estate Agents (NAEA) said “There is a lot of stock on the market and not so many buyers around so that is obviously not good news, but there has been a reversal in the trend to buy first and sell later. People are putting their homes up for sale first and that means they can afford to sit it out so we are not necessarily seeing big price drops because people are not prepared to agree to that.”
Related reading: Off Set Mortgages
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