Higher Fees For Switching Mortgages

February 18th, 2006

If you’re looking to switch your mortgage to another lender, it’s worth finding out how much your current lender may charge you for going elsewhere.

According to the BBC, mortgage lenders are hitting borrowers with high exit fees when they switch to a rival lender. Lenders have apparently raised their exit fees sharply recently, and many people will find themselves paying fees of £200 - £300. One of the worst aspects of the fees is that they are unknown when you take a mortgage out - the lender will tell you that you will have to pay, but won’t tell you how much.
Of course, you may find that in the long run you are saving much more than the exit fee by being on the new monthly payments.

Categories: Mortgages