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Mortgage lenders positive on exit fees, expert claims
Fri, 23 Feb 2007
Mortgage lenders in the UK are demonstrating a positive response to recent calls for greater transparency on exit fees, intended to improve fairness for borrowers.

Last month the Financial Services Authority (FSA) ruled that exit fees should be made clear to mortgage borrowers in the UK, amid concerns that many consumers were being left in the dark in this respect.

Following this ruling, lenders have made efforts to improve fairness in line with Treating Customers Fairly (TCF) rules.

Under the FSA's ruling mortgage providers have until the end of March to make their TCF intentions clear. David Fields, head of banking at the ifs School of Finance, asserted that the industry has welcomed the FSA's announcement.

"Banks and building societies have proved very responsive to the FSA's recent announcement on Mortgage Exit Fees, demonstrating a general willingness to ensure their customers are treated fairly," he stated.

Recent reports indicate that half of all Association of Mortgage Intermediaries (AMI) members are yet to implement TCF changes, though 85 per cent of members are confident in implementing their TCF strategies before the March deadline.

To this end over 70 per cent of AMI members have successfully conducted a TCF review, suggesting that most mortgage lenders are welcoming the changes.

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