Building societies and Banks are making
things difficult for homeowners to get the perfect mortgage. They
are making things so complicated that even regulators are in no
position to help.
Within the UK there are over 3,999
types of mortgages, and lenders today are charging homeowners
with administration fees which is leaving a high total towards
the end of setting up the mortgage deal.
The fees are named differently but
actually mean the same thing such as production fee or reservation
fee. They are doing this to make you feel the interest rates are
low but really the fees just cover that low interest rate figure.
From London & Country, David Hollingworth
says: 'Lenders are using these products fees for administration
and reservation of the mortgages as another income stream to enable
them to push down their rates. It does make the market less transparent
for the ordinary consumer.'
The Office of Fair Trading and FSA
states that nothing can be done to stop the mortgage market becoming
more and more confusing each and every year. They feel that lenders
are trying their best to get most out their customers.
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