At Last Lenders have Been Told Off On Mortgage Closing Fees
Some good news from the regulators.
At last the mortgage lenders have been told that they cannot impose fees on customers when they close a mortgage that are out of all proportion to the cost of administering that action nor raise closing fees far above what was originally agreed in their contract with their customer.
About time too!
The way has also been left open to people who have had to pay unusually high costs in the past to make a claim too - as long as they have the documentation to prove that they were unreasonably overcharged.
Just a footnote though. This change has nothing to do with Early Redemption Penalties (ERCs) - thsee are another matter where you are on your own.
On ERCs lenders can and will still be able to charge what they like. After all, they have to make up for those headline grabbing low rates somehow.
Back to main site: www.lettingfocus.com
Copyright: David Lawrenson 2007
At last the mortgage lenders have been told that they cannot impose fees on customers when they close a mortgage that are out of all proportion to the cost of administering that action nor raise closing fees far above what was originally agreed in their contract with their customer.
About time too!
The way has also been left open to people who have had to pay unusually high costs in the past to make a claim too - as long as they have the documentation to prove that they were unreasonably overcharged.
Just a footnote though. This change has nothing to do with Early Redemption Penalties (ERCs) - thsee are another matter where you are on your own.
On ERCs lenders can and will still be able to charge what they like. After all, they have to make up for those headline grabbing low rates somehow.
Back to main site: www.lettingfocus.com
Copyright: David Lawrenson 2007
This entry was posted by lettingfocus, on
Tuesday, January 30, 2007.
