Ban mortgage 'arrangement fees' designed to trick customers

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Ban mortgage 'arrangement fees' designed to trick customers

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Banks now often charge 'arrangement fees' which range from £100 up to £2000 or more. These are supposedly meant to cover phone bills, staff time etc. Yet there is a clear correlation between low APR rates and higher 'arrangement fees'. I.e. Banks lost profit on lower APR is made up on arrangement fees.

Banks should be more honest, stop misleading the public and include these supposed arrangement fees in their APR.

It would make comparing mortgages a lot easier. Arrangement fees should be banned.

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