You are here: Home - Uncategorized -

Mortgage exit fees ‘an absolute scandal’

0
Written by:
27/06/2006

Mortgage lenders that charge fees up to £295 when customers pay back their loans in full are acting in a potentially ‘illegal’ manner and have been branded an absolute ‘scandal’ by industry insiders, according to the BBC’s Money Box programme.

Speaking on the programme lawyer Adam Samuel explained that if a lender increased the figure from, say, £70 to £200 “without either obtaining the customer’s agreement or without using any objective standard by which to measure the amount” then that could be ruled illegal.

Mortgage broker John Cornell commented: “Mortgage lenders vary from the very good to the almost devious in their application of charges to customers’ homeloans.

“Far be it from me to point the finger at individual companies, but they know who they are and they irritate the life out of me and many of my colleagues.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Forgers rolling in it

Forged banknotes increased 53% in 2005 on the previous year, according to the Bank of England. The number of notes...

Close