Fees make up part of the total cost of your mortgage, along with the rate, and they're creeping up.
According to Moneyfacts, average mortgage fees on fixed rate products are up by £21 in November alone, reaching £1,108.
The independent financial information company noted this is also £20 more than a year ago, in November 2022.
It comes at a time when rates are also significantly higher than a year ago, bumping up the total cost for borrowers.
The average two-year fixed rate is 6.23 per cent, up from 2.94 per cent a year ago, for example.
More incentives on offer
Lenders have also started offering more fixed deals with incentives since the start of November 2023, said Moneyfacts.
The proportion of the market offering fixed rate deals with a free or refunded valuation incentive has risen to 76%, up from 70% at the start of this month.
Almost half (44%) of fixed rate mortgages now offer free or refunded legal fees.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “It’s positive to see lenders are conscious of the incentives on offer to borrowers.
“However, borrowers need to be wary of the upfront cost of their mortgage as average mortgage fees have risen.
“Low-rate mortgages undoubtedly grab attention, but amid a cost of living crisis it is becoming ever more critical that borrowers find ways to save money upfront as well as over the lifetime of their mortgage.
“The average product fee stands above £1,000, and low-rate mortgages can carry some of the highest fees, so they may not be the best choice.
“Seeking independent financial advice is vital to assess the overall costs of any deal.”