Study reveals significant differences in missed mortgage charges
Published On 29 January 2008
Consumers who miss mortgage repayments could be paying more than they think, a new study has warned.Website moneysupermarket.com studied 18 leading mortgage lenders and discovered a variation of £372 between fees and charges levied on missed mortgage payments.
The study also found that some lenders charge their customers debt counselling services if they miss mortgage payment.
Louise Cuming, head of mortgages at moneysupermarket.com, explained: "Borrowers in the unfortunate situation of going into arrears can expect to face some punitive and unjust charge.
"Many lenders are quick to agree on a mortgage, but not so eager to help financially when their customer is most in need.
"Lenders aren't charities, but no one wins if they automatically burden customers with more fees and debt. I'm sure customers in arrears are unaware that most lenders charge for every call they make and letter they send."
Recent figures indicated that more than five million consumers also missed credit card repayments over the final six months of 2007.
