Halifax accused of adding to Brits' mortgage debt woes
Halifax accused of adding to Brits' mortgage debt woes
Friday 27th June 2008
The criticism follows the lender's introduction of a new charge called the Mortgage Account Fee for its new mortgage customers.
The levy replaces its previous Mortgage Exit Administration Fee, which was dropped in the wake of pressure over high exit fees from a financial watchdog.
However, the new fee is £175 higher than the old charge, the Associated Press reports.
Louise Cuming, head of mortgages at moneysupermarket.com, said: "HBOS has waited until the exit fees debate has died down before sneaking in a more expensive charge.
"Disappointingly it has now decided to introduce a fee of £245 just when borrowers are feeling the pain of increasing rates and the rising cost of living."
As a result of the higher charge, borrowers on some of Halifax most favourable rates are being charged fees of £1,244.
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