Saturday, 10 January 2015

A call for more transparency over mortgage fees

A campaign designed to put pressure on lenders to provide greater transparency when quoting financial fees and charges has had a degree of success with the Chancellor George Osborne announcing in the delivery of his Autumn Statement plans to make mortgage fees clear. 

Spearheaded by the consumer champion Which the move by the Chancellor came after 45,000 people supported the campaign and a further 3,000 contacting their local MP. 

The Council of Mortgage Lenders has been asked by the Government to investigate and come up with some practical solutions  as well as guidelines to make it easier to compare mortgage fees and the cost of mortgages generally. 

Selecting a mortgage can be quite costly and Which report that a couple with a new £100,000 mortgage could find themselves paying £1503 more over two years because of mortgage fees. 

Which also found that only 3 % of consumers could correctly compare five mortgage deals from cheapest to the most expensive from information currently presented by the lenders. 

For more details of the campaign and to provide support visit :http://www.which.co.uk/campaigns/insurance-bank-card-fees/ 

Morgan Jones and Pett are solicitors who provide legal advice and services to clients based in England and Wales and who can be contacted on 01603877000 or via email at davidpett@m-j-p.co.uk

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