This is £149 lower than the last market survey in November 2014, representing a 17% drop.

Lenders such as Accord have increased the number of fee-free mortgages available in recent times.

However, there are few savings to be had in the variable rate market, with fees barely moving in the same period. Average charges are £719 today compared with £727 in November.

Mortgage brokers interviewed by the building society suggest fees will start to rise in the next two years. Some 30% agreed with this assessment versus 12% who disagree.

These advisers also believe that mortgage rates are likely to rise in the next six months. In total 23% of brokers expect mortgage rates to rise against 16% who think they will drop.

Ian Gibbons, Nottingham Mortgage Services senior mortgage broking manager, said consumers were benefitting from a wide range of products being available.

“Whatever happens to mortgage rates and fees, there are so many products to choose from if you shop around and receive the right advice, you can still find a really competitive deal that meets your specific needs.

“Our research shows that there are now 4,139 residential mortgages on the market, compared to 4,020 in November last year, and 3,027 in November 2011. So, in just over three years the number of residential mortgages on the market has increased by around 37%.

“In order to grab the headlines with a market leading low rate, sometimes lenders will charge a higher fee to offset the lower margins they make on the rate, whereas some lenders will charge lower, or even no fees, but offer a slightly higher rate.”