Borrowers liable for eight mortgage fees

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Research by MoneyExpert.com has found that borrowers may be liable for up to eight different types of charges relating to their mortgage.

Borrowers liable for eight mortgage fees

Research by MoneyExpert.com has found that borrowers may be liable for up to eight different types of charges relating to their mortgage.

The list includes exit and valuation fees, homebuyers fee charged for a more thorough survey, reinspection fees for a property revaluation, administration charges, deeds release fees, a porting fee sometimes charged for transferring a mortgage to a new property and telegraphic transfer fees, which are payable if borrowers request an electronic transfer of funds upon completion of a mortgage.

Sean Gardner, chief executive of MoneyExpert.com, commented: “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. Generally you may be able to negotiate a reduction in these fees if you are vigilant. Lenders want your business so remember you don’t have to accept their terms.”