Skipton announces MEAF reduction

01-Mar-2007

Skipton Building Society has announced a reduction in the cost of its mortgage exit administration fee (MEAF), which may be of interest to prospective first time buyers.

The lender's decision to reduce the fee to £125 - which could be relevant to would-be first time buyers planning to switch mortgage providers - follows a statement in January 2007 by the Financial Services Authority (FSA) regarding these fees and follows an internal review by Skipton of its actual costs.

Before the change, Skipton charged a MEAF of £175.

"Lenders often charge MEAFs when borrowers pay off their mortgage or switch to another lender to cover the staff and other costs involved," said the FSA.

The new MEAF rate will become effective from April 1st 2007.

To find out about those mortgages specifically aimed at first time buyers, see our best buys for first time buyers table.

Skipton Building Society offers a range of financial products and services, including mortgages and insurance products.

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