Lenders 'recoup exit fee losses elsewhere'

As the deadline for firms to justify their exit fees to the FSA has approached, many lenders have begun dropping exit fees or reducing them significantly. Moneyfacts.co.uk research claims many lenders have increased their arrangement fee prices in July to make up for the loss of exit fees. Figures show some lenders have increased the fees they are charging by as much as £1000. Moneyfacts.co.uk also claims some firms have been changing the name of their exit fee to get around the FSA. The website says Bank of Ireland has kept their fee at £195 but has called it a lending fee which can be...