C&G ditches exit fees on new mortgages

With immediate effect, C&G will no longer charge a mortgage exit fee on all new mortgages. The fee was previously at £225, in line with the market average, but has risen almost six fold from £40 in 1997. A spokesperson for C&G says: “As the FSA deadline for reporting on Mortgage Exit Administration Fees (MEAF) approaches, C&G has dropped the MEAF on all new mortgages. This is our interpretation of the FSA’s guidelines.” The FSA began investigating mortgage exit fees in 2005 after concerns that lenders were unnecessarily increasing their charges and were not complying with the Unfair Te...