HSBC: All mortgage fees removed until end of September

07 August 2007
Rather than reducing them, renaming them as some providers have done or refusing to comply with the FSA’s instructions to scrap mortgage exit fees, HSBC has gone one step further and removed all fees until the end of September.

HSBC will not charge a booking fee, standard valuation fee, completion fee, exit fee higher lending charge or mortgage account servicing fee or conduct fee. Rob Chesters, head of mortgages at HSBC said:

“With some lenders recently bowing to pressure to scrap their exit fees, HSBC has decided to stay one step ahead by removing all fees on its standard mortgage range until the end of September.

“This will enhance HSBC’s reputation for providing transparently priced mortgages which offer real long-term value. Sadly some lenders will simply look to rename their exit charge or bump up fees elsewhere, however HSBC customers can rest assured, the rate they see is all they will pay.”

Because of the FSA deadline that states exit fees had to be either removed or justified, some lenders have found other ways of charging customers to recoup what they will lose from the exit fees.

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