Let’s hear it for C&G’s fee-free exit
Two cheers for Cheltenham & Gloucester.
It’s not often I say anything as positive as that, but the UK’s fourth largest mortgage lender has just announced it’s scraping exit fees on all new mortgages.
At a time when mortgage interest rates and fees are rocketing – the average arrangement fee is now a staggering £800 – it’s good to hear of someone doing the decent thing.
C&G’s exit fee of £225 was pretty much average among the big players.
Alliance & Leicester charges most at £295, while Nationwide is cheapest at £90.
Lisa Taylor, an analyst at website Moneyfacts.co.uk, points out: “C&G joins only HSBC, ING Direct and Stafford Railway Building Society in not charging an exit fee.”
She adds hopefully: “This could be the start of things to come.”
Don’t hold your breath – it’s not as if they’ve scraped exit fees on their existing loans too.
Now that really would merit the full three cheers.
