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.”