Halifax fees to be more transparent

Published: June 25, 2008

Earlier today, Halifax announced they will be introducing a new Mortgage Account Fee with effect from the 29th June. The Fee will apply to all new mortgages taken out with Halifax, Bank of Scotland or The Mortgage Business.

The new fee is set at £245 for Halifax and Bank of Scotland mortgages and at £275 for mortgages from The Mortgage Business, and is designed to replace servicing and exit fees which have been the subject of much controversy.

The fee will be less than the combined servicing fees paid at present, and will cover the setting up, routine maintenance and closing down of a mortgage account. The fee will be added to the loan, but will not attract interest, and can be paid off either at the start, during, or at the end of the term