RBS & HBOS drop exit fees

They join many firms who have decided to drop the fees rather than suffer the regulatory burden of proving that fees accurately represented the costs of exiting a mortgage. Lenders that have dropped their exit fees for new mortgages include HSBC, ING Direct, Cheltenham & Gloucester, Northern Rock and Standard Life Bank. While most lenders seem to be dropping exit fees entirely, some have decided to keep minimal fees when exiting deals, particularly building societies, which cannot cover extra costs with profits as they have none. Nationwide decided to implement a £90 fee in February, ...