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C&G puts pressure on exit fees

Leading lenders are sticking to charging exit fees despite Cheltenham & Gloucester’s decision to scrap its charges on new lending.

C&G’s move comes just before the FSA’s July 31 deadline for lenders to review their fees for clients. A Money Marketing survey has found that several major lenders, including Nat-ionwide, Alliance & Leicester, Yorkshire Building Society and Britannia Building Society, say they will not cut their exit fees. HBOS, Abbey, Woolwich and Bradford & Bingley say they are still finalising their plans.

A&L has the highest fee in the market at £295. A spokesman says: “A mortgage comprises a combination of rates and char-ges and we believe it is wrong to look at one fee in isolation.

“Unlike many lenders, we offer the certainty to customers at the outset that this level will not increase. We think this is fair and transparent.”

The Mortgage Practitioner sole practitioner Danny Lovey says lenders have been building a war chest over the past year with higher arrangement fees to compensate as they knew they would have to give way or the FSA would act. He says: “This puts pressure on other lenders to come clean and remove this carbuncle from the reputation of the mortgage industry.”


“Cruel” Government called on to do more

The government had a huge opportunity to redeem its pensions credibility in the eyes of the public this week by accepting the cross-party amendment to provide quicker help to victims of occupational scheme collapses.

Midas favours unfettered framework for multi-asset

Midas Capital believes multi-asset investing is more effective when combined with an element of multi-manager.Many of the multi-asset funds launched recently are run on a fettered basis but Midas believes multi-asset investing suits a multi-manager framework because it is difficult for one management group to perform strongly across all asset classesThe company, which has recently […]

Bankhall schedules ‘wrap of wraps’ for September

Bankhall will launch its long-awaited wrap in the second half of the year with a phased rollout due to start in September.Dubbed the “wrap of wraps” by Bankhall, it has been developed with Capita.Bankhall chief executive Peter Mann says the decision to outsource its development to an independent company has been vindicated by the FSA’s […]

Treasury looks to address advice gap

By Jamie Clark, Business Development Manager, Royal London Hot on the heels of consultations on tax relief and pension transfers and early-exit charges comes a new investigation into the advice gap, and how this can be bridged. Ever since the new pensions freedoms were introduced, concerns have been raised about how people can get access […]


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