HSBC fees hitting debt-struck homeowners
HSBC fees hitting debt-struck homeowners
Friday 27th June 2008
In February, the lender announced that remortgagers who transferred their business to them would pay the same rate they had been on.
This resulted in huge demand to switch to HSBC among thousands of Britons who were coming to the end of their fixed rate deal and now face significantly higher repayments.
However, it has now been discovered that those applying for HSBC home loans are being hit with punishing mortgage fees.
The rise has seen the fee on a £250,000 mortgage go from £5,000 to £7,699 - an increase of 35 per cent.
News of the gloomy situation facing remortgagers comes amid predictions that the number of repossessions in the UK housing sector is set to hit 45,000 this year as more and more homeowners struggle to make repayments on their mortgage debt.
Debt1, official website of Byrom & Keeley - Experts in Debt Management.
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