Wednesday, Feb 28, 2007
Another kick in the nuts for mortgage lenders....
BBC News: Firms yield on mortgage exit fees
"Around 10 million mortgages have been redeemed in the last four years," said Ray Boulger of the mortgage broking firm John Charcol.
"But the number of people who claim compensation will no doubt be largely influenced by the amount of media coverage this topic receives.
"However, I would estimate that the total compensation payable will be at least £50m and probably in the region of £100m."
Posted by millard @ 05:13 PM (35 views) Add Comment
1 Comment
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1. millard said...
Assuming that it takes off in a similar way to bank charges this will be another hit to banks profits.... hopefully leading to further credit tightening, although knowing these cowboys they'll make even riskier loans in an attempt to claw back some profit.