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Nationwide: Mortgage lenders still take advantage under FSA
Tue, 01 Nov 2005
It has been a year since all mortgage lenders and mortgage advisers have started being regulated by the Financial Services Authority.

But Nationwide Building Society believes that despite the new mortgage rules, some mortgage lenders still take advantage of customers.

The mortgage lender points out that shopping around to find a mortgage is now more time consuming and difficult.

Because it wants mortgage customers to know how they can keep costs down, Nationwide has offered tips to those hoping to find a mortgage .

Nationwide urges people to avoid mortgages that charge higher lending charges or annual interest.

Mortgages with extended redemption penalties should be steered clear of, as well as mortgages that have insurance products tied in, the mortgage lender says.

Those mortgage lenders that keep their best mortgage deals exclusively for new customers should be shunned, according to Nationwide .

Stuart Bernau, executive director at the mortgage lender also says that mortgage borrowers will get better value if they choose a mortgage lender that charges daily interest at a low mortgage rate .

"If borrowers are being charged annual interest instead of daily interest, they may not be getting the full benefit of their repayments and so should consider switching to another lender," Mr Bernau advises.

He also points out that mortgage borrowers should always shop around for the best mortgage deal available.

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