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Lending giant HBOS scraps exit fees for new customers

Halifax Bank of Scotland has become the latest lender to confirm it will be scrapping mortgage exit administration charges for all new customers from July 31.

With 21.2 per cent of the mortgage market, HBOS’s decision will be seen as key in the move against exit fees.

An HBOS spokeswoman says: “Existing customers will continue to pay the mortgage exit fee quoted on their most recent mortgage agreement. For new customers the mortgage exit administration will not form part of the mortgage offer with effect from July 31.”

The lender confirmed that this would be the same across all of its brands.

HBOS now joins Northern Rock, Standard Life Bank, Bristol and West and Cheltenham and Gloucester in axing exit fees.

The Mortgage Practitioner sole practitioner Danny Lovey says: “This is game, set and match now regarding exit fees. The pressure is now on the other lenders like Abbey and Alliance and Leicester otherwise they will remain isolated.”


ScotEq faces £700k redress over unauthorised advice

Scottish Equitable has been found to have provided unauthorised investment advice after its representative sat in meetings alongside an IFA who was advising a client.In a High Court judgment in London on Tuesday, ScotEq was ordered to compensate Michael Walker with a provisional sum of £700,000 for all his losses, both past and future, caused […]

Insurer gives discounts to veggies

Animal Friends Insurance says it will offer vegetarians and fish eaters a 6 per cent discount on life cover. The insurer says vegetarians are less likely to suffer from a range of chronic diseases.

Supermarkets edge out the managers

With the rising popularity of fund supermarkets has come the reality of disintermediation, only it is not IFAs that are being pushed out of the chain but fund houses themselves. Gross Isa sales through fund supermarkets are now three times higher than those via intermediaries, as shown by the Investment Management Association’s fifth annual asset […]

Family ties

How a series of Sipps can be set up to enable a joint property purchase


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