HOMEOWNERS MOVES HALTED BY EXIT FEES

(Express.co.uk)- LENDERS are cashing in on families moving house by rejecting applications to switch their mortgage and forcing them to pay large exit penalties.

This week the Financial Ombudsman Service (FOS) reported an increase in the number of complaints from consumers whose applications to “port” their mortgage have been rejected over the last three months.

Tighter lending criteria since the credit crunch has meant many people who need to move have found their original lender will not let them transfer their current loan or remortgage, meaning they must go elsewhere and pay a penalty for ending the loan early. Read more here…