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Fixed Mortgage Fees
Morning all,
Back in Jan 2023 I secured an AIP with First Direct, the mortgage fee was £490. At the time Mortgage rates had movement and while waiting to complete the rate fell 3 or 4 times. Each time I chased the lower rate and 'renewed' my AIP with First direct who, each time, charged me another £490.
This year my son has signed up to a similar arrangement with FD, same £490 fee, this month while waiting to complete the rate dropped sufficently to justify renewing his AIP, this time, NO FEE. I spoke to First Direct and was advised that the practice for charging to renew to a lower rate while waiting to complete was scrapped in 2025.
Was it missold before then?
Comments
-
No. They just changed their policy.
2 -
Of course that is the case, but I was hoping for a broader discussion, what prompts such a u-turn (can't think of many aside from morals) etc, but thanks.
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