Mortgage fees jump by £151 in a year

Mortgage fees have climbed £151 over the last year – a rise of 17% - as lenders offset lower mortgage rates by putting up arrangement fees, according to Moneyfacts.

At the same time, e.surv, Britain's biggest firm of property valuers, revealed that while lenders have slashed fix-rate mortgages to record lows, only existing homeowners are benefiting while first-time buyers and those on lower incomes are being squeezed.