Mortgage fees fall

First-time buyers could benefit from the credit crunch in the form of mortgage fee reductions, with mortgage lenders are being more transparent about fees .

On average the best fee for a fixed two-year mortgage product has been slashed from £2,149 to £1,334.

Lenders do not have to rely on headline rates to hook borrowers in at the moment. Often a great headline rate has come with a high fee,

The news comes as new figures from the Council of Mortgage Lenders reveal that mortgage lending rose during the month of July.

The two key factors in reviving the property market are realistic asking prices and an improved choice of mortgages.