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Lenders decide to quote fixed exit fees on KFIs

Top lenders have bowed to the Financial Services Authority and will stick to the exit fees quoted in their Key Facts Illustrations.

In January, the regulator challenged lenders to charge no fees, their original fees, revised fees, or increased fees. They were given until February 28 to decide which route to take.

Following the deadline, eight top mortgage lenders including HBOS, Alliance & Leicester, Northern Rock and Nationwide have confirmed they will quote fixed and transparent exit fees on their KFIs.

Ray Boulger, senior technical manager at John Charcol, says: “I would have been amazed if lenders had done anything else. Now, what you will pay if you leave a mortgage will be quoted on the KFI so there will be no nasty surprises for customers or brokers.”

But Danny Lovey, sole broker at The Mortgage Practitioner, says: “Exit fees still bring the industry into disrepute.”


Blemain Group appoints BDM

David Mullins has joined the Blemain Group as business development manager for the north of England region.

MS podcasts available

Mortgage Strategy Online readers can now download podcast recordings of MS round tables debates as well as from MSTV. They can also post questions for future round tables via The Big Debate link. The next round table is on March 7 when repre-sentatives from BM Solutions, The Mortgage Works and Bank of Ireland will be […]

E2M integrates ID checks with

Easier2move has integrated its system with to allow its panel of solicitors to perform instant ID checks for clients.192.coms business services identity verification enables all panel solicitors to initiate an automatic ID check at the point of acceptance of their instruction. This is useful if the instructed solicitor is not in a convenient location […]

Countrywide signs HIP deal

US firm MacDonald, Dettwiler and Associates has signed a contract with estate agency Countrywide to be its lead supplier of Home Information Packs. MDA will receive all Countrywide’s HIP orders and execute them supported by a back-up supplier. Countrywide subsidiary Rightmove dropped its HIP proposition last year.


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