Lenders increase exit fees by 7.8% in a month

The latest Your Move Remortgage Index claims the average exit fee levied when borrowers redeem their mortgage has climbed by 7.8% to around £180. Abbey, Halifax, Alliance & Lcester, Barclays - Woolwich, Bradford & Bingley, Britannia, Cheltenham & Gloucester, Nationwide, NatWest, Northern Rock, Portman and Yorkshire Building Society are all named by Your Move as having increased their exit fees in the last month. Abbey admits increasing its exit charges on 11 May as part of a review of its mortgage administration charges. Joe Wiggins, a spookesman for Abbey, says: "We had not had these...