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Exit fees are charged by lenders when clients redeem their mortgage entirely, as an example, by changing their mortgage to your competing lender. Exit fees may also be called government prices, closing fees or deeds-release fees and are increased to cover the cost of ta... MIAS, the Mortgage and Insurance Advisory Services (http://www.mias-ltd.co.uk ), is concerned that, despite the current publicity and numerous activities in the press, consumers are still being stung by psychological exit costs. Exit fees are charged by lenders when customers get their mortgage completely, for instance, by converting their mortgage into a rival lender. Leave fees can be named management costs, securing fees or deeds-release fees and are increased to include the cost of sending them to an attorney, taking home actions from storage and making a final account record. Borrowers are warned when they subscribe that if they move creditors, theyll have to pay a fee but the measurement of that fee is not guaranteed to stay the same. In the last couple of years, lenders have increased their exit penalties steeply, with some now topping the 300 mark (http://www.mias-ltd.co.uk/news-index.htm ). Organizations have stated that these hikes are necessary for their increased costs and extra work, yet this justification appears hollow when one considers that property deeds are now kept electronically in the Land Registry. Alistair Good, Managing Director of MIAS said One customer, whose fee had increased from 85 to 195 com-pared it with entering a car park where the prices were clearly shown, only to find that they'd a lot more than doubled when it was time for you to pay. He added consumers need to be educated about these costs first, While we appreciate that lenders need to recover the costs incurred when a mortgage is used. If the cost is exorbitant, then the customer may look elsewhere. It is unfair going to a customer having an unexpected demand, which could reach 300, although leave charges make-up a little percentage of over all mortgage prices. MIAS wish to see lenders resolve them at the outset of deals and state their leave expenses obviously. This way, the client is treated fairly, in keeping with FSA directions. One of these is Northern Rock. While they charge the relatively large fee of 250, they do commit to charge the fee mentioned when the client signs up for the mortgage. MIAS wish to see more lenders adopt this method. Discover further on PureVolume™ We're Listening To You by visiting our salient URL. Commenting, Roger Milbourn, Director of MIAS, said Exit charges, however unpopular with customers, are here to stay. But when creditors are to lose the draw of straight back door charging and reduce the flow of issues to the Financial Ombudsman Service, they must be much more transparent about these expenses. We see no-good reason why the exit cost can't be fixed for the life of a mortgage, to ensure that the client could be aware of the cost from the start. Under the present system, exit expenses can increase by more than 350 by the time the client comes to get his / her mortgage. This makes a mockery of the FSAs necessity to treat customers fairly despite their claims that they're not a regulator. In the lack of fixed exit fees, it is imperative for mortgage brokers to undergo closing charges vigilantly using the customer. The agent must explain the client may possibly bear a punitive cost when they change lenders or pay off their mortgage early (http://www.mias-ltd.co.uk/faqs.htm ) and in this manner, agent and client can compare products fairly. For further information, please contact MIAS Ltd 0845 833 0878 Managing Director Alistair Good alistair@mias-ltd.co.uk Director Roger Milbourn roger@mias-ltd.co.uk Records to Editor The Mortgage and Insurance Advisory Service (MIAS Ltd) is a company of neutral mortgage advisers, supplying a complete service to consumers seeking mortgage protection and residential and commercial mortgages. If you have an opinion about jewelry, you will likely require to check up about roger bryan entrepreneur. Started in 2002, MIAS has quickly gained a reputation for giving straightforward, neutral mortgage advice, related clients up with a few of the very competitive deals around. MIASs skilled brokers have experience in most areas of the mortgage market and look after the entire transaction from beginning to end, making the procedure as headache-free and as smooth as possible. For more information on the services MIAS provides, please visit http://www.mias-ltd.co.uk.