View more on these topics

Sneaky deed release fee hike amounts to customer abuse

From Danny Lovey

A sneaky practice has come into the market – lenders are pushing up the cost of the deeds release fee. This was accepted as a nominal £50 fee for administration to which nobody objected. But now it is being used by lenders in a sneaky way, by having a redemption penalty (sorry, early repayment charge) introduced through the back door. The FSA should use its powers to stop this abuse of the consumer.

Worse still, new customers are not the ones that are suffering immediately, it is hitting the customers who wish to move their mortgage, plus it is being applied retrospectively.
This practice should be outlawed. If lenders wish to have a fee that is more than a nominal £50 deed release fee then it should be shown upfront as an early repayment charge and the lender’s current customers should not have to endure this retrospectively.

Come on FSA, stop this practice and win the confidence of the market and the consumer.

Danny Lovey
The Mortgage Practitioner
By email


Infinity parcels up products for Christmas

Infinity Mortgages is strengthening its product range in the run-up to Christmas.Infinity is offering discounts of 2.25% for a full year from completion on all mortgages. This is not a fixed end date, but a full 12 month discount from completion.It also includes free valuation fees, 250 cashback on completion, with improved Right to Buy […]

AMI responds to FSA call for tighter fraud prevention

The Association of Mortgage Intermediaries has announced a raft of support designed to help members tackle fraud. The Financial Services Authority has called on the industry to tighten fraud prevention measures and AMI has responded by publishing a plain English document for intermediary firms.Chris Cummings, director of AMI, says: “The FSA has recently launched a […]

MI to launch consumer campaign in New Year

Mortgage Intelligence is poised to launch a consumer marketing campaign early in the New Year to raise awareness of the network, enhance its reputation and generate leads for broker members. The network has hired consumer marketing expert Louise Moir as head of marketing to spearhead the campaign, which will be centred on a new web […]

Plan ahead for a profitable venture

Sally Laker, managing director of Mortgage Intelligence, says that clear objectives and a coherent strategy can see an unprofitable business grow into a successful one


News and expert analysis straight to your inbox

Sign up