Thursday 27th April 2006
Higher lending charges (HLC) on mortgages are not something that come part and parcel of every package, Nationwide has advised.
Although the majority of mortgage lenders have HLC as part of their deals, a number of providers do not and potential homeowners are advised to shop around to find a package that most benefits them in the long run.
Charlotte Sjoberg, press officer for Nationwide, said that HLC are an extra cost that already over-stretched house buyers should not have to deal with.
Finding a way to keep the cost of a mortgage down is particularly advised with the current controversy over high stamp duty and young peoples difficulties in saving a deposit to get onto the property ladder.
"Getting a deposit together is difficult enough - higher lending charges are just another problem on top," said Ms Sjoberg.
Research released today by Bradford & Bingley reveals that 42 per cent of first-time buyers are reliant on their parents to be able to join the housing market, with thousands of buyers taking out a second job to be able to afford a property.
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