The Chancellor has today announced that the Council of Mortgage Lenders (CML) will work with us to consider practical solutions to end mortgage confusion for consumers.
On 3 November we called on the Chancellor to use his Autumn Statement to Stop Sneaky Fees and Charges on mortgages and make it easier for people to find the best deal. More than 45,000 people signed our petition and 3,000 emailed their MP to ask the Chancellor to take action.
Over the next few months we’ll be working with the CML to consider practical solutions for the following issues:
a) transparency and presentation of fees and charges to help improve consumer outcomes;
b) standardisation of terminology around fees and charges;
c) consumer education;
d) setting administrative charges so that they reflect the cost to the lender.
Our executive director, Richard Lloyd said:
'This is good news for the thousands of consumers who supported our call for the Chancellor to end confusion about the full cost of taking out a mortgage. With so many people on tight budgets trying to get a foot on the housing ladder or looking to remortgage as rates rise, it's essential that they can more easily find the best deal.'
He added: ‘We look forward to working with the Council of Mortgage Lenders to simplify the wide range of complicated fees and charges in the market so that borrowers don't pay over the odds on their loan.’
We’ll be reporting on progress by Budget 2015 and will look to produce a programme for future action.