Mortgage application fees have increased markedly in recent years, new research has shown.
Conducted by MoneySupermarket, the study revealed these costs have climbed by more than 20 per cent since September 2009.
The site noted these escalations are making it increasingly difficult for consumers to compare the full price of a home loan, with deals boasting the lowest headline rates not necessarily calculating as the most competitive option over the long-term.
It was found that individuals might end up paying less for an arrangement if they put pen to paper on an agreement with a slightly higher rate but less expensive set-up costs.
Clare Francis, mortgage expert at MoneySupermarket, observed it is easy for people to be lured in by reduced headline rates, but urged them to look more closely at the account arrangement and booking fees and factor in how these will impact the overall price of the mortgage.
Ms Francis stated: “Fee costs can vary greatly between providers so taking the time to work out the total amount you have to repay over the term of the offer is essential.”
