UK Money News
25th June 2008
Lenders must reduce high mortgage fees
Lenders must stop charging unfair arrangement fees on mortgages, according to Alistair Darling.
Mr Darling is lobbying for a change in practices amid evidence that lenders are charging increasingly higher fees and admitted that he was "very concerned" that these could be squeezing homeowners' finances.
The chancellor said: "I'm very concerned that people ought to be treated fairly, especially people coming off fixed rates and going onto different rates.
"We have met the Council of Mortgage Lenders to try to reach an agreement to ensure that people are treated fairly, but if that isn't happening I will ask the FSA to pursue the matter."
He added: "Everybody accepts there are costs that have to be met when they change over, but I think we have to make sure people are treated fairly and are not taken advantage of."
His comments come as research showed that over the last 18 months the cost of mortgage fees has increased by 66 per cent.
This has brought the average fee for a fixed rate deal to £860, but this can frequently be as high as £1,500.
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