There were two main mortgage-related topics in the midweek press this week. The first was that an undercover investigation by Which? discovered that some mortgage advisers were not offering customers ‘acceptable advice’. The mortgage experts that were checked included some at major UK banks and building societies, as well as advisers within estate agents.
The second major story was that Edeus, the sub-prime lender, is offering a discount of 8 per cent to homeowners who repay their mortgage in full before September. The incentive has initially been made available to 400 borrowers but may be broadened if successful. The lender will also waive any early repayment charges.
Elsewhere, the Daily Mirror had a report on the problems with the HSBC ‘ratematcher’, whilst the Daily Mail assessed the mortgage rates offered by building societies in comparison to those offered by banks. The Daily Mail also reported that mortgage fees have increased 21 per cent across all mortgages in the past year. However, experts said that for larger loans, big fees aren’t all bad news as it means you’ll get the cheapest rate.