Posted on Monday, 14th December 2009 by admin
Following on from recent moves in the credit card industry (see Cashzilla ?Rate tarts losing ability to cherry pick?) to reduce the number of people switching from one financial provider to another, mortgage lenders are now looking to follow suit.
Abbey is the latest High Street mortgage lender to notify its customers that they are increasing the costs associated with switching from their mortgage to ?225, this fee is over and above any other penalties levied for leaving early, and represents an increase of 25%. Abbey is however only the most recent in a list of 53 mortgage providers announcing similar steps within the last year.
Michael Coogan, Director General of the Council of Mortgage Lenders, said, “All lenders are having to look at their fees much more closely now”. The recent financial reviews were attributed to the slowing of the housing market whilst administration costs have continued to rise, however David Hollingworth of mortgage brokers L
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Tags: Card, Credit Card, Rate Tarts
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