In addition to the increase in UK mortgage arrangement fees, the cost of exiting a mortgage has risen considerably within the same three year period.

The cost of redeeming a UK mortgage during a fixed interest rate period can be as high as 5% of the balance of the mortgage. A UK mortgage that is redeemed without an early repayment charge can still cost the borrower several hundred pounds, particularly if there is a remortgage involved.

A more competitive UK mortgage market has seen home owners benefit from an interest rate war, however, this has not translates into lower mortgage fees.

Because fees now comprise a significant expense to borrowers it is important to include them in any mortgage comparison when assessing which UK mortgage is the best for their particular circumstances. It is no longer good enough to simply compare the headline interest rate.

The true cost of a UK mortgage is demonstrated by the Annual Percentage Rate (APR). The APR presents a truer representation of the true cost of a UK mortgage than the headline interest rate meaning that the lower the APR, the more cost-effective the mortgage is.

However, it is still not good enough to base a decision solely on comparing APRs of competing UK mortgage products. Other factors, such as the service levels of the lender and the flexibility of the UK mortgage, should also be taken into account.

Selecting the right UK mortgage can be a confusing task so it is a good idea to speak to an independent mortgage broker for impartial advice if required. An independent mortgage broker will have specialist software that can scan the entire UK mortgage market to help select the right UK mortgage product to suit an individual's personal financial circumstances.