Watchdog Urged to Act As Fees for Home Loans Go Through the Roof

Scotland on Sunday › April 16, 2008

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Summary

THE sky-high fees imposed by mortgage lenders as a result of the credit crunch should be investigated by the Office of Fair Trading (OFT), leading politicians and consumer organisations demanded last night.

Critics of the banks believe they are exploiting the situation to charge borrowers as much as GBP 4,000 in arrangement fees simply to set up a new mortgage.

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Extract

Watchdog Urged to Act As Fees for Home Loans Go Through the Roof

And last night Chancellor Alistair Darling added to the pressure on lenders by saying they must pass on recent interest rate reductions to customers. Prime Minister Gordon Brown also said banks should reveal any bad debts to res...

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