HBOS intorduce mortgage account fees on all HBOS mortgages
This isn’t good news for consumers in the midst of struggling property prices and the mortgage market seeing it’s worst time for decades.
Commenting om this Lousie Cummings, Head of Mortgages at price comparison site moneysupermarket.com, said:
“HBOS has waited until the exit fees debate has died down before sneaking in a more expensive charge.”
“When exit fees were under the microscope after last year’s FSA investigation, HBOS was hailed for reducing the controversial charges from Halifax Halifax deals from £225 to £50. Disappointingly it has now decided to introduce a fee of £245 just when borrowers are feeling the pain of increasing rates and the rising cost of living.”
“I urge HBOS to scrap this decision. Borrowers need all the support they can get at the moment, and more decisions like this from other lenders could shift the housing market from a stagnating slump into a fully blown crash.”
It seems to me that banks and mortgage lenders are using the ‘risk’ of lending in such an unstable economic climate as an excuse to pile on the fees; and now this new mortgage account fee has been dreamt up. The only aim of this and other mortgage fees is to line the profit pockets of mortgage lenders - they’re certainly not helping anyone but themselves.
Whatever next? I bet it won’t be long before you have to pay a fee just to submit a mortgage application, regardless of the fact it may be rejected.
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