The fees tacked on to mortgages by lenders are pricey and vary by both mortgage size and the lender used, cautions MoneyExpert.com.
Valuation fees can traditionally start at £190 and rise as high as £565 but mortgage firms like ING Direct and Lloyd's TSB are breaking with this tradition by offering no-fee mortgages.
Free valuations are also found on some other mortgage products at a number of other lenders because of the increased competition for business.
However of the products that are still charged a valuation fee only 26 (of 134) will allow it to be added to the borrowing amount. Although this can be beneficial at times, an average £190 fee tacked on could add £400 of interest to a £100,000 mortgage over a 25-year repayment period.
MoneyExpert.com's chief executive Sean Gardner said the numbers are a warning to potential borrowers but high valuation fees do no necessarily signal a bad mortgage deal.
"Borrowers need to keep their eye on the ball when it comes to taking out a mortgage," he said.
"They need to think carefully about what will be the best value for them, not simply the lowest interest rate."To read more about conveyancing, click here.
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