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Fixed rate mortgages now come with added perks

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Fee-free deals, free valuations and legal fees are just some of the perks increasingly seen on fixed rate mortgage products
Fixed rate mortgages now come with added perks

Fixed mortgage bundles are growing and product fees are cut, as lenders try to appeal to borrowers with added extras, such as free valuations and legal fees.

Analysis by highlighted that a larger proportion of the fixed mortgage market – 69%  –  now offer a free valuation. Borrowers looking for a free legal fee incentive, such as remortgage customers, will find that half of the fixed mortgage market can accommodate them in this instance.

The financial information provider also found that mortgage product fees across fixed deals have fallen, down from £1,047 in December 2018 to £1,022 today. Four in 10 fixed mortgages on the market today charge no product fee at all. It said that these changes suggest lenders no longer just compete on rate, but will tailor their product fees and incentives to entice borrowers too.

Rachel Springall, finance expert at, said: “Lenders may well be cutting fixed rates to enticing lows, but not all borrowers will be drawn in by the initial rate alone. Indeed, there could be borrowers who want to save on the upfront cost of the deal, such as with product fees or paying out on other fundamentals.

“Weighing up the overall true cost of a mortgage is essential, as the right deal depends on how much someone is looking to borrow and for how long. If in doubt, borrowers would be wise to seek independent financial advice to navigate the mortgage maze.”

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