The average fee charged on a fixed rate mortgage deal has increased by £48 since June, according to Moneyfacts.

The financial information provider said it now costs an average £1,066 to get a fixed rate mortgage – although there are many fee-free products available, accounting for around 40% of fixed rate deals.

Fee-free fixed mortgages are on average just 0.07% higher than fee-paying fixed rates, so could be worth considering. Always look at the total cost of a mortgage, including the rate, the fees and other incentives in order to compare products.

The proportion of fixed rate morgages offering free or refunded legal fees is 8% higher than in June, at 57%.

However, the proportion of deals that offer a cashback incentive has fallen to 27%, a 5% drop since July.

What about interest rates?

Average rates for fixed mortgage deals, both with and without a fee, have increased by 0.25% and 0.33% respectively since July. But they remain lower than before lockdown.

​Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “On average, fixed rate mortgage deals remain lower today than they were at the beginning of March this year, with deals for all loan-to-value (LTV) fixed rate products that carry a fee currently 2.54%, and for those deals without a fee slightly higher at 2.61%.

“Compared to the average standard variable rate (SVR), which is 4.44% currently, borrowers who switch from a revert rate to a new fixed deal now could potentially save in the region of £150 per month on their mortgage payments.

“Deciding on the right mortgage deal is about more than just the initial rate offered, but with rates rising and the stamp duty holiday set to finish at the end of March 2021, borrowers may wish to act swiftly as demand could spike and application processing times could extend.”