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Deeds’ charge rocks mortgage adviser

Northern Rock is letting down its customers with poor admin and unfair charges, says The Mortgage Portfolio sole trader Danny Lovey.

One of Lovey’s clients wanted to move from one Northern Rock mortgage to another but found she was charged a deeds’ release fee twice.

The client was not moving away from Northern Rock and she had not completed her mortgage payments. Northern Rock says one charge was placed erroneously but it stands firm on the first charge.

The error resulted in a 500 fee being charged to the client. Lovey believes a deeds’ release fee should not have been charged in the first place. The fee is normally charged by the lender when it has released its charge over the property deeds and returned them to the solicitor.

The Basildon broker says he has had little encouragement from Northern Rock to suggest it is taking steps to deal with admin problems.

Lovey says he has suffered poor admin and processing errors from the lender. He says: “In an age where treating customers fairly is paramount, lenders have customers over a barrel. Northern Rock is a mercenary organisation when it comes to charges.”

Northern Rock did not comment.


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