CML defends set-up fees after Darling 'rip-off' remark

It says consumers do not have to pay set-up fees, as fee-free deals still exist in the market, adding not only do arrangement fees differ between lenders but homebuyers may benefit from higher fees in the long-term depending on their circumstances. The Chancellor yesterday told reporters some lenders were taking advantage of consumers by charging mortgage set-up fees of up to £2,500. He said he was particularly concerned about homebuyers coming off fixed-rate deals and warned he may involve the FSA in the matter. But a CML spokesman says: “No-one has to pay an arrangement fee, as fee-fre...