Exit fees variation is unfair, says the FSA

The regulator says it is concerned lenders are acting unfairly when they agree an exit fee of £100 at the start of the mortgage but increase it to £300 when the customer actually exits. The FSA does not have an absolute scale showing what is fair and unfair but says it will reach a conclusion in each individual case. Robin Gordon-Walker, press officer at the FSA, says, “It is not the absolute value but the variation which is unfair”. Gordon-Walker says if the consumer and lender bilaterally agree a variation in the exit fee this is “no problem”; the FSA is concerned with lenders who u...