The decision of HBOS to introduce an exit fee for its mortgages could have an adverse impact on the market as a whole, one expert has warned.
According to Louise Cuming, head of mortgages at Moneysupermarket.com, the move could lead to "a fully blown crash" if other lenders decide to follow suit.
The bank has introduced a Mortgage Account Fee of £245 on all its products, something that Ms Cuming believes consumers can do without.
She said: "I urge HBOS to scrap this decision. Borrowers need all the support they can get at the moment."
Ms Cuming also criticised the timing of the decision adding: "HBOS has waited until the exit fees debate has died down before sneaking in a more expensive charge."
Yesterday, the Guardian reported comments by Ray Boulger, mortgage expert with broker John Charcol, who believes that some mortgage lenders might increase the loan-to-value they are willing to offer in the near future.
HBOS criticised over mortgage fee
Mortgage Quote Line
0845 108 0505
HBOS criticised over mortgage fee
Fri, 27 Jun 2008
Recommended links
UK mortgage portalMortgage quote form
Mortgage affordability calculator
Maximum borrowing calculator
Mortgage lenders directory
Mortgage brokers search
View current mortgage rates and offers
What are the fees and costs of setting up a mortgage?
Stamp duty and calculator
Valuation and survey fees
Completion and exit fees
Mortgage arrears guide
Repossession information
Interest rates and mortgages
Mortgage payment protection insurance
First time buyers - read on
Remortgage guide and quote form
Fixed-rate mortgages coming to an end, borrowers facing fees
Parents feeling mortgage pressure, study shows
Homebuyers warned about hidden mortgage fees
Check fees before trying to find a remortgage, financing expert advises
Record fees can impact on profits from buy-to-let mortgages, analyst suggests
Banking institution unveils fee-free mortgages
No-fee mortgage brokers the way forward, expert advises
Huge mortgage fees for fixed-rate loans
Fee-free offset mortgage by Newcastle
Financial services provider launches new fee-free mortgage
HSBC removes mortgage fees
Call for end to fees affecting buy-to-let landlords
Borrowers still face exit fees, expert warns
Mortgage fees in focus
Fixed-rate mortgage fees on the rise, research shows
Mortgage borrowers warned about fees
Mortgage fees soaring
Mortgage market feels bite of US crisis, says expert
Mortgage lender cuts mortgage reservation fees
Arrangement fees for mortgages on the rise
Mortgage application fees warning for borrowers
John Charcol: Remortgaging could pay for school fees
Mortgage expert warns over fees
Abbey details fee-free mortgage range
Fees warning over mortgage cost
Mortgage exit fees soaring
Mortgage fees high
Small remortgagers 'should opt for free fees'
Consumers should be aware of mortgage fees
Mortgage company feels sub-prime bite
Fee-free fixed rate mortgage offered by Bradford and Bingley
Mortgage lender removes exits fees
Mortgage lender scraps fees
Mortgage lenders hike fees to slow remortgaging
Fee-free mortgage broker offers new offset deal
FSA mortgage fees probe a welcome move, says analyst
'Larger deposits lead to higher fees'
Watch fees on fixed-rate mortgages
Mortgage lenders positive on exit fees, expert claims
Beware large flat fees on mortgages
Chancellor's fury at rip-off mortgage fees
Mortgage families feeling the pinch
Mortgage lender offers fee-free deal
Mortgage rate cuts and fee savings at Abbey
Abbey cuts mortgage fees
"Rate tarts" cause rise in exit fees, survey says
Mortgage arrangement fees rise
No exit fee activity from mortgage lenders, says expert
Fee-free mortgages warning
| mortgages news |
|---|
| Yorkshire Building Society makes mortgage more accessible - Thu, 02 Sep 2010 |
| Lloyds TSB launches new fixed-rate mortgage - Thu, 02 Sep 2010 |
| Skipton launches new mortgage range - Wed, 01 Sep 2010 |
| More News |
Mortgage Rates by Lender 
Worried about Mortgage Repayments?
- Join our petition to Government to bail out burdened individuals, not just banks.
Free Mortgage Quote
Mortgages in Scotland
Equity Release
Switching Mortgages
Home Reversion Plans
Commercial Mortgages Arrears & CCJs?
Remortgages- Sub prime mortgages
- Arrears, CCJs
- Self certification
- Debt consolidation
Protect Your Mortgage