Mortgage costs one-third higher than three years ago
Dec 05, 2006
The overall cost of a mortgage has risen by one-third in the past three years, according to mortgage research company Mform.
While in 2002/3 the average British householder could expect to pay £4,711 per year towards their mortgage, today that figure has swollen to £6,284.
This has been driven by an increase in the average interest rate charged on a mortgage from 4.29 per cent three years ago to 5.41 per cent now. As well as this, mortgage fees such as application and exit charges have also risen.
Mform said that he expected both the size and the cost of a mortgage to continue rising, with house prices around 7.7 per cent higher than last year and many analysts expecting another Bank of England interest rates rise.
However, there were still many different kinds of mortgages on the market for people to choose from and by shopping around for the best deal for their circumstances, mortgageholders could knock hundreds of pounds off their repayments, he said
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