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Barclays/Woolwich to keep £275 exit fee

Barclays and Woolwich will be keeping its existing £275 exit fee charge.

A spokesman says that it will honour customers’ original contract but that it sees its final repayment charge as a core part of its mortgage product.

He adds: “We will be monitoring the market and watching lenders’ pricing strategy going forward.”

Lenders had until today to meet the FSA’s deadline to report on their future strategy concerning exit fees. HBOS, Northern Rock, RBS, Standard Life Bank, Bristol and West and Cheltenham and Gloucester have all confirmed they will be scrapping the controversial fees.


CIL seals deal for Equal Partners’ client bank

Chelsea Investments Limited has struck a deal to take over the servicing of Equal Partners’ client bank.Equal Partners managing director Vivienne Starkey died earlier this year and director Kevin Tooze has left the firm to set up a new venture, Equity Partners UK.Both firms have written to the clients to inform them of the developments.Although […]

BoE stats show increase in total net lending in June

Bank of England statistics show that the increase in total net lending to individuals in June – £10.4bn – was higher than the increase in May and the previous six-month average.The twelve-month growth rate was unchanged from May at 10.2 per cent. The three-month annualised growth rate fell by 0.1 percentage points to 9.2 per […]

F&C’s 130/30 fund will target purely equities

F&C has plans to launch what it believes will be the first 130/30 fund to invest purely in UK equities.The F&C UK enhanced alpha portfolio is set to be launched in August under the management of Luke Newman and Makis Kaketsis.The fund will hold 40-60 long positions and 10-15 short, with Newman and Kaketsis applying […]

FSA to keep monitoring lenders’ exit fee stance

The FSA has updated on how mortgage lenders have responded to concerns that mortgage exit administration fees have been increased unfairly.It has found that most major lenders have opted either to charge a fee that cannot be varied during the lifetime of the mortgage or to remove the exit fee altogether. Other lenders will charge […]


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