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C&G creates new £99 upfront fee

Cheltenham & Gloucester will be introducing a £99 upfront fee for mortgage applications from August 23.

The lender was one of the first to scrap its £225 exit fee prior to the FSA’s July 31 deadline.

Once the £99 has been paid it will be valid for 12 months so the borrower will not be charged it again if their first application does not complete.

Mortgage commentators predicted that lenders would look to replace the lost income from scrapping exit charges with new fees and charges.

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