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HBOS 'sneaks In' Mortgage Exit Fees |
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(26th June 2008)
HBOS has been accused of "sneaking in" higher mortgage exit fees, following a recent debate on the issue.
According to moneysupermarket.com, the firm's decision to introduce a £245 fee is a disappointing move and comes at a time when borrowers are "feeling the pain" of rising rates.
The company noted that HBOS was praised for reducing the cost of exit fees for Halifax deal in the wake of the Financial Services Authority's investigation into the charges.
However, moneysupermarket.com is now urging the bank to re-think its strategy.
"Borrowers need all the support they can get at the moment, and more decisions like this from other lenders could shift the housing market from a stagnating slump into a fully blown crash," the company said.
Earlier his year, uSwitch.com reported that nearly 900,000 consumers have had fees added to their mortgage deal without knowing they had actually agreed it.
The company found that approximately eight million people added arrangement fees rather than paying when initially taking out the loan.
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News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance. |
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