Over the last few years, peoples’ behaviour with regards to mortgages has changed:

* Nearly 25% of borrowers change mortgages every year

* It’s normal to remortgage every 2-3 years to get the best interest rates

* Moving between lenders is much more common

This has led to fierce competition between lenders, as they vie with each other to offer the lowest headline rates. The result has been a tightening of profit margins for many mortgage lenders, and has prompted some of them to start increasing their fees in order to recoup some of their lost profits.

Despite this competition, fees and charges still vary widely between lenders:

* Arrangement fees can range from £0 up to 1% or more of the loan amount

* Exit fees can vary from £0 to around £300

* Remortgaging fees also vary widely

It is more important than ever to shop around if you are looking for a mortgage – whether it is a remortgage or a first mortgage. You will be sure to be offered a wide range of deals, some of which will be much more suitable for your needs than others.

A good independent mortgage advisor can be invaluable here, as they will already be familiar with the different lenders’ rates, policies and fees, and will be able to understand your circumstances and help you find the best overall package.