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Most of us struggle to put aside as much money as we can into savings, especially in the current financial climate, and we all want to know that our savings are as safe as possible. However, with the financial turmoil being experienced by the UK and other major nations around the world consumers are becoming more and more jittery about just how safe their money really is. Read more
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Mortgage fees soar
July 17, 2007 by admin
Filed under News, News-Mortgages
In an increasingly competitive industry, mortgage purchasers might be being tricked into paying massive fees by deceptive advertising, a financial service website reports today.
According to Moneyfacts.co.uk, lenders have increased their fees by over 600 per cent in the last two years, with no difference in the amount of work being done by them to sell the house.
A common technique by lenders to artificially enhance their position in mortgage ‘league tables’ is to switch their own charge to the arrangement fee, thereby making them appear to be able to highlight a lower general interest rate.
Therefore customers – who naturally tend to focus on the headline interest rate as a guide to their decision – pay more than the advertising suggests, a situation which a spokesperson for the website today termed “objectionable”.
Mortgage brokers advise prospective buyers to include the range of payments, including lender’s fees, rather than just focussing in on the interest rate.
