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Expert warns of pitfalls when trying to find a mortgage

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First-time buyers and homeowners trying to find a mortgage may face hidden costs, an expert warns.

Extra expenses, such as higher lending charges, early repayment charges and stamp duty could add up, leaving the borrowers with more to pay than they anticipated, states Drew Wotherspoon of John Charcol.

Mr Wotherspoon warns that buyers could get caught up in the excitement of choosing a new home when trying to find a mortgage, which could mean they do not get the best value from their mortgage.

If you�re willing to bargain over fixtures and fittings it also makes sense to look at the other ways you can get a better deal when you move, he said.

As a mortgage will be, in the vast majority of cases, the most expensive commitment, borrowers should start here. Mr Wotherspoon also urges borrowers to examine solicitors and survey fees, as they are both essential in the buying process but many buyers could forget to add them into the cost when trying to find a mortgage.

John Charcol claims to be the UK's leading independent mortgage adviser.

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