Qualified advisers answering your
Financial Questions
call 0800 092 1245

Mortgage exit fees scrapped

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.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details