Mortgage application fees soar
Mortgage application fees have soared by up to 22 per cent in a year, research by MoneyExpert.com has revealed.
The average application fee for a discount mortgage reached £407 while for a fixed rate mortgage the figure stood at £494. MoneyExpert.com believed the increase in fees could be attributed to lenders seeking to improve profits while interest rates remained low.
SHIP appoints chairman
Safe Home Income Plans (SHIP) has appointed Laurie Edmans as its first non-executive chairman.
Current chairman Jon King will take on the newly created role of chief executive, retaining all of his current responsibilities.
Nationwide alters ERC
Nationwide Building Society has announced changes to its early repayment charges (ERCs).
Nationwide BS is to charge a flat rate ERC, at 1.5 per cent for its two-year fixed rate and tracker mortgages, 2 per cent for its three-year fixed rate range, and 3 per cent for its five, and 10-year fixed rate products..
Nationwide BS’s tracker mortgage deals are also available with the option for borrowers to switch and fix at any time to a fixed rate mortgage product with the society, without incurring any ERCs.
