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Broker Talkback

Do you think that mortgages with high arrangement fees should be banned from best-buy tables?

Yes: 62.5%
No: 37.5%

No “As long as the client understands what they are, they should be included. Also, how do you define a high arrangement fee? If it is 1,000 on a 500,000 mortgage, is it really that high?”
-Kevin Minshull, A3 Financial Services

No “It is down to the individual to chose which mortgage they want, although if it was up to me, I would not use mortgages with high fees.”
-Justin Mees, Logic Financial Services

Yes “Certain lenders are deliberately using this method to get to the top of best-buy tables and it should be stopped.”
-Richard Thomas, R Thomas

No “People know that these sort of problems exist with best buy tables, firms will always try and appear high on them. If people want advice that is what advisers are for.”
-Peter Grant, Weybrook Financial Management

No “I’m not in favour of banning mortgages with high arrangement fees. One of our jobs as advisers is to sit down with the customer and talk through the choices. There is no harm in including them in best buy tables as long as the table incorporates information on the fee.”
-Paul White, Belgravia Insurance Consultants

No “That would be going too far. Sometimes these firms still provide good deals. There must be an element of buyer beware. But firms should make sure all the fees are clear up front.”
-John McLaren, John McLaren Financial Services

Yes “You have to weigh up both sides. The only way an up-front fee is reasonable is on a large loan and I am talking hundreds of thousands of pounds.”
-Garry Spencer, Wilbury Financial Management

Yes “They should be banned but they should not be in the tables in the first place. If the costs are not properly taken into account they should not be there.”
-Mark Hastell, Mark Hastell Associates

Money Marketing welcomes readers’ letters for publication. Letters should be sent to: The Editor, Money Marketing, 50 Poland Street, London, W1F 7AX.


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