Taking out a mortgage involves paying various fees. These can include a booking fee of up to about £250, an arrangement fee, which can range from £0 to more than £2,000, and an administration fee of around £100 to £300. You’ll also have to pay ERCs if you want to pay the mortgage off early, for example to switch to a cheaper deal. These can be up to 5% of the amount owed. When you exit the mortgage, you may also have to pay an exit fee, which can be up to £300.  When searching for the best 2 year fixed rate mortgage, it’s therefore important to consider the total cost including fees, not just the mortgage rate on offer. The best way to do this is by looking at the total cost over the initial deal period.