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Thursday 2nd August 2007
Mortgage lenders are either fixing or scrapping exit fees, after coming up for criticism from the Financial Services Authority (FSA).
Many banks have now cut the fee, levied when a mortgage is paid off, after the FSA said that lenders had raised mortgage exit fees too quickly - from an average of less than £100 four years ago, to anything up to £300.
Following complaints, the FSA investigated exit fees, finding that the fees could be considered unfair - especially if the mortgage deal did not mention the fee.
Many consumers are now going back to their lenders to ask for their money back.
The independent mortgage broker, John Charcol, said homeowners might be able to claim an estimated £100 million in total compensation.
Cheltenham & Gloucester, Standard Life, Royal Bank of Scotland, HBOS and Northern Rock have all stopped charging the fees.
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