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First-time buyers should be 'wary of hidden fees'

Published: 03/12/2009

First-time buyers need to be careful of the hidden costs associated with short-term mortgages, according to an industry expert.

Many people are unaware that the fees associated with short-term mortgages usually rise at the end of the mortgage period, according to Helen Adams of Firstrungnow.com.

The managing director of the first-time buyers' advice programme said that she felt it was "quite difficult for people to be aware of these offers or to even fully understand them".

She added: "It all depends upon the circumstances of the borrower [to decide] which is the best deal for them but [they should] be aware that however long the term is, they will be paying for it at some point along the line."

Her comments came as new figures from Moneyfacts showed that lenders have significantly increased the number of short-term mortgages deals available to customers

The research also found that the number of long-term mortgages had also increased, although not by as large of a margin.

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