Homebuyers 'should be aware' of fees

05-Mar-2007

Despite the recent reduction in exit fee levels, homebuyers should be aware of other potential fees when taking out a new mortgage, new research - which may be of interest to first time buyers - reveals.

According to data released by financial website MoneyExpert, repeat purchasers and first time buyers may still face a broad number of fees, despite recent action by the Financial Services Authority to reduce the charges payable for moving a mortgage to another lender.

In addition to exit fees, a further seven may be imposed, which can include valuation and homebuyer fees, in addition to deed release and porting fees.

"Consumers may have won a round on exit fees but they can still lose out if they don't keep a watch on other fees," said Sean Gardner, chief executive of MoneyExpert.

"You may be able to negotiate a reduction in these fees if you are vigilant [because] lenders want your business," he added.

Other possible charges include a telegraphic transfer charge and administrative fees.

MoneyExpert offers comparisons on a number of products and services, including credit cards and individual savings accounts.

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