The 'cheapest' ever mortgage... with a £2k fee

West Brom Building Society threw down the gauntlet to other mortgage lenders last week when it launched a two-year fixed rate mortgage at just 1.48%. It undercut the previous 'best buy' two-year fix of 1.49% offered by HSBC, and is now the lowest rate ever offered on such a mortgage.

But both deals come with a massive sting in the tail: sky-high arrangement fees. To get the West Brom deal borrowers need to pay £2,494 in fees while HSBC charges £1,999.
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