Rics: Prices falling.

abaxas

Heyman wrote: »

I just think it's a swiz, the fees can be anywhere from £0 to £2499 for what is essentially exactly the same product i.e. the bank aren't doing any more or less for that money, it's just a different way of breaking out the costs.

Plus it's yet another upfront cost (admittedly you can add it to the loan usually) and it discriminates against people who are borrowing a smaller amount.

I understand what you're saying but I think it should be made simpler.

Maybe the point is.

People who dont understand financial products, shouldn't be buying them.

Mortgages are probably the simplest of the lot!

Heyman_2

abaxas wrote: »

Maybe the point is.

People who dont understand financial products, shouldn't be buying them.

Mortgages are probably the simplest of the lot!

People who don't understand financial products should be going to an IFA to do the legwork for them, in this case a Mortgage Advisor.

That's still no excuse for such a range of fees for what is essentially the same product with the same setup costs though is it? The rest of us have to get our calculators out to see if the deal is any good - just all a bit needless IMHO and surprised that it hasn't been looked at yet by the likes of the FSA or the OFT.

PJD

I understand that the FSA have been trying to get mortgage exit fees abolished for a little while now...