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Published Date: 26 June 2008

Do you know what fees you will be charged before you take out a mortgage?

Mortgage lenders told not to rip us off

Chancellor Alistair Darling has warned mortgage lenders not to rip us off with soaring arrangement fees.

He's been talking to the Financial Services Authority and the Council of Mortgage Lenders (CML) this week about the costs we face when switching mortgages.

And it's suggested he believes the recent rise in fees for mortgages could be seen as exploitation of us, the house buying public.

The CML has said that lenders are committed to fair treatment for those of us facing increases in our monthly payments.

A spokesperson commented that no-one has to pay an arrangement fee, as fee-free deals still exist.

They added that they have not discussed the level of arrangement fees with the Chancellor, although they have discussed people coming off short term deals onto higher payments.

Last Updated: 26 June 2008 11:35 AM

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