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HBOS Introduce Mortgage Entry Fee

After the industry was heavily criticised by the regulators for the old mortgage exit fees, it seems that Halifax (now part of HBOS) has taken a new route to raising money from mortgage customers – the mortgage entry fee. Payable on completion of a mortgage, the £245 fee is described as covering costs for setting up the mortgage account, the paper work for the mortgage and closing the account down when the mortgage is paid up. But is this a foolish move by the Halifax?

While the financial press will be full of the story over the next few days the chances are that the rest of the industry leaders will follow suit. Like most fees that the banks force on their customers it will probably be forgotten after a few months and just accepted as another fee from your friendly bank. But will the regulator take a different approach?

There is already speculation in the market that the regulator will be looking into this new style of charge although whether there is actually anything which can be done remains to be seen. The constant battle between the banks and the regulator seems set to move to a new area of the market in the future.

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