New Mortgage Tariffs

Nov 22, 2015

It has been a major concern for mortgage borrowers for the past number of years that they could be paying unnecessary mortgage fees without knowing, but now the Council of Mortgage Lenders (CML) and the consumer group Which? have jointly launched a new tariff, which spells out mortgage fee in a simple and straight forward format.

The move comes a year after Which? warned customers they could be paying over the odds due to complex charges.

Which? have said there were over 40 different names for fees and charges in use by mortgage lenders, often for the same service. for example an application fee which is a charge for assessing a mortgage application however this fee can all also be called a booking fee, or a reservation fee.

Lenders who represent 85% of the mortgage market have agreed to introduce the traiff and place it on their website with in the next 4 weeks.

This new approach is good news for all customers as it will make it easier for people to compare mortgage fees. 

If you are concerned you are paying over the odds for your mortgage, or are seeking a better mortgage deal then contact Stephen Rea Estate Agents' Mortgage Adviser in our Newtownards Office or email



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