Rise in Mortgage Exit Penalties
Lenders increase the costs of switching mortgages
3rd May 2005
A report from online financial data publisher Moneyfacts has shown the rising costs of switching mortgages, in the form of exit penalties.
These penalties are levied by most mortgage lenders to cover the admin costs of leaving a mortgage deal early, and are added over and above any early repayment fees incurred for leaving an introductory deal early.
High street bank Abbey is has among the most expensive exit penalties, having recently raised it 25% to £225, but Moneyfacts reports that 53 lenders have put up their charges over the last 12 months.
Read More: Moneyfacts, BBC Report
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Products from Abbey : Home Insurance, Personal Loan, Balance Transfer Card |
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