Beware Cheltenham & Gloucester Mortgages

Colyn_2

I thought there was no catch in C&G mortgages but in 1 year since I had one, the closing admin fee has risen from £100 to £225. C&G there is no way out of it and refuse to confirm a ceiling amount, i.e. the sky's the limit. I have this in writing.

herbiesjp

This is a problem not confined to C&G - and seems to be going around most lenders at the moment

Fairdo_2

As herbiesjp stated, it is not confined to C&G. They are virtually all at it.

I have mentioned this on a previous post, but part of it is that the Lenders need to recoup various costs for complying with the new regulation. Sooner rather than later. This is easiest done bt Exit charges and by increasing Entry costs to boot.

If one has done it, this opens the flood gates for others to do so.

Part of it may be to also try to discourage more and more members of the public become astute enough to become "Rate Tarts" and keep bed hopping between lenders, whilst still remaining competitive relative to other Lenders.

On that point, C&G (not picking on them as this is also a trend with most Lenders) have announced that they are increasing their Arrangement Fee for "Premium" products to £699!!!

Whereas £300 used to be the norm, this now would seem like a bargain!