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ING Direct supports FSA exit fees measures

ING Direct has wecomed the Financial Services Authority’s announcement on mortgage exit and administration fees

Lindsay Sinclair, chief executive of ING Direct, says: “ING Direct welcomes the recent FSA announcement on exit fees.

“We support its efforts to make the mortgage market more transparent for consumers.

“It is clear that the fees that lenders charge their customers for leaving are entirely disproportionate.

“The FSA’s own research shows that the average charge has more than doubled since 2003.

“The research we carried out prior to the launch of our mortgage supports this.

“MEAFs now average £191, despite the actual cost to the lender of closing a loan being just £35.

“It’s heartening to see that the FSA is taking action to halt this practice.

“The ING Direct mortgage is and will remain free of unnecessary or inflated fees.”


PACKAGING SUMMIT 2007: PMPA slams lenders

The Professional Mortgage Packager’s Alliance has attacked lenders who have failed to deliver in terms of technology links at Mortgage Strategy’s Mortgage Packager’s Summit.One sweeping rumour was that PMPA was referring to edeus – although this has been flatly denied.O’Brien says: “Some companies have been very tight lipped concerning their dealings with packagers. If they […]

Bright Finance unveils growth plans

Bright Finance, a consumer credit organisation, has unveiled growth plans that include more than 20 new jobs.The expansion comes after a successful 12 months for Bright, who processed more than 1bn in loan applications last year from its 200-strong workforce based at Chapeltown in Yorkshire.Bright Finance acts as a broker between customers seeking credit and […]

More efficient conveyancing

Convex says its new conveyancing system offers a 40% improvement over regular conveyancing methods, meaning the home buying process can be speeded up by over a month. The technology firm says it exchanges documents in 34 days, completing nine days later. The system allows clients to be kept informed by email. Duncan Samuel, managing director […]

MPs urge lenders not to pull fixes

In a Parliamentary early day motion last week, nine MPs made a plea to mortgage lenders not to pull their fixed rate products.


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