TITLE

Exit fees should be judged case by case

AUTHOR(S)
Biddle, Simon
PUB. DATE
July 2006
SOURCE
Mortgage Strategy;7/3/2006, p34
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article discusses exit fees charged for the closure of mortgage accounts in Great Britain. Some lenders chose to play catch-up with exit fees, which causes significant hikes in what customers pay. Solutions to resolve the exit fees issue include linking fees to the Retail Price Index and freezing them at the level they are at when mortgages are taken out. Lenders need to prove that their exit fees are reasonable and reflect their administration costs, which can only be done on a lender-by-lender basis and not by making industry-wide assumptions.
ACCESSION #
21698973

 

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