First Time Home Buyer News: Telegraphic Transfer Fees 'rip off first time buyers'

11-Jul-2006

First time buyers are seeing TT fees inflated by up to 1,500 per cent, according to independent mortgage experts John Charcol.

The fees, which nationally amount to £23 million every year, are charged for the transfer of mortgage funds from the lender to the aspiring homeowner's solicitor.

Ray Boulger, senior technical manager at John Charcol, said: "Telegraphic Transfer fees are just another antiquated way for lenders to make money out of consumers.

"There is absolutely no excuse for overcharging by more than a thousand per cent.

"Technology should cut costs, not increase them."

Although most banks charge around £25 for one off electronic payments, large users such as mortgage lenders can negotiate a discount of around 90 per cent, John Charcol states.

Recently, financial comparison website the Motley Fool advised first time buyers to take advantage of no-fee mortgage brokers.

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