Mortgage arrangement fees

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M
Mitchell_605
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I would like to know why banks are able to charge such high arrangement fees for those seeking a new mortgages or re-mortgaging. Quite a few charge at least 2.5%-3% of the loan, with little to offer than has been in previous years. It seems this is an area that has been exploited to make a lot of money to try and keep people from changing. No one seems to be monitoring this. I cannot see how at least 4000 as a minimum charge some have quoted as their fee can be justified. With computer technology and software of today the actual fee to set up a new mortgage is far less! Should this be something the financial ombudsman should be looking at or is it just me!
20/08/2007 00:00

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