Loan Genie reports that the Abbey has this month introduced a fixed arrangement fee of £9,999 for larger mortgage loans. This move comes as a bid to highlight the excessive costs of arrangement fees that are charger at a percentage of the overall home loan.
On larger loans a typical 2% “proportional”
Other loan providers have taken similar steps to the Abbey, in an effort to help borrowers avoid these massive expenses, including Cheshire Building Society, which has a two year fix at 5.49% and a £999 fee. This particular deal could work out over £9,000 cheaper than even the Abbey.
Some loan companies are introducing a loan for home owners that includes the cost of a Hip guide (now compulsory for all properties of three or more bedrooms).
Notes to editors
Loan Genie allows users to compare online gambling facilities, and is part of Genie Group.
Genie Group Ltd is a leading independent provider of internet comparison shopping services in the UK, and was set up in 2004 by Philip Wilkinson (co-founder of Kelkoo UK). Genie Group's unique selling point is 'the Genie', which makes personal recommendations to internet shoppers based on ground-breaking, intelligent technology. This gives Genie Group the ability to provide an enjoyable and satisfying internet shopping experience, and deliver an unmatched quality of sales leads to our affiliate merchants. Genie Group launched its flagship broadband comparison service Broadband Genie in January 2005.
More information can be found at http://www.loangenie.co.uk. Please direct all media enquiries to Ciaron Dunne. Interviews with Philip Wilkinson can be arranged on request.
