When buying more expensive properties the percentage of flat fees towards the loan falls away significantly.
He said: “Flat fees only work for southerners. The products will always benefit southern borrowers.”
Aldermore Mortgages are one provider offering a £1,999 flat fee, in this case on their 4.78% 5-year fixed rate mortgage with 75% loan to value.
Prices in the capital are on the increase, sitting 18.1% higher than the pre-recession peak in January 2008.
Further discussing the North-South divide, Whittaker stressed: “It is not 100% blameable on staff wages.”
He also said the green belt areas around greater London, where farmlands are protected, is causing prices to rise in the city.