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Abbey National's New MEAF Clause?
SamC2007
Posts: 2 Newbie
Now that everyone is checking back through their MEA fees (and hopefully claiming them back!) I think the Banks are trying to get their own back - Abbey have now added the following clause to their mortgage contracts -
"A Mortgage Administration fee (current fee) for providing, maintaining and closing your mortgage is payable at the end of your mortgage. The amount we charge you will not exceed this amount (£225) plus the annual increase of the RPI calculated to the end of your mortgage."
Who can predict what the RPI will do during the next couple of years? and for anyone who doesn't change their mortgage, they could end up paying RPI compound interest over 25 years. I thought that the FSA regulations meant that consumers had to be given clear and concise information up front about any costs they might incur?
I thought you might like to investigate this one further?
"A Mortgage Administration fee (current fee) for providing, maintaining and closing your mortgage is payable at the end of your mortgage. The amount we charge you will not exceed this amount (£225) plus the annual increase of the RPI calculated to the end of your mortgage."
Who can predict what the RPI will do during the next couple of years? and for anyone who doesn't change their mortgage, they could end up paying RPI compound interest over 25 years. I thought that the FSA regulations meant that consumers had to be given clear and concise information up front about any costs they might incur?
I thought you might like to investigate this one further?
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