Borrowers paid £1bn in unnecessary higher lending charges

Nationwide estimates more than 800,000 home buyers have paid the fee with nearly 500,000 of them being first time buyers, since September 2000. Steven Bernau, Nationwide executive director, describes the figures as “quite staggering”. He says: “Major lenders risk being accused of blatantly profiteering by charging both a higher lending charge and higher rates for those needing to borrow more than 90% of the value of the property.” Nationwide says most High Street lenders still charge a higher lending fee for customers looking to borrow more than 90% and in some cases more than 75% of...