Darling has warned banks that they need to stop ripping off their customers during the hardships of the credit crunch.
The Chancellor stated that he was aware that some banks were upping mortgage arrangement fees. The average fee for a fixed rate mortgage deal is now £860 having gone up 66 per cent in the last 18 months. Times are difficult enough for consumers and mortgage intermediaries without lenders increasing fees.
Mortgage approvals are falling and banks will have to be more lenient with fees if the housing market is to turn around soon. Many mortgage lenders are also hitting consumers by administering set up fees which are often 2 per cent of the amount being borrowed.
Have your say - do you feel banks are acting too harshly? Email your thoughts to [email protected] all published responses will receive a £20 HMV voucher.
Leave a comment