| From Mortgagestrategy.co.uk: The Financial Services Authority has found lenders are continuing to vary their mortgage fees, which may result in them being taken to court by the regulator.The FSA has reviewed a number of mortgage contracts to assess whether lenders were properly interpreting its January 2007 statement of good practice on mortgage exit administration fees.A statement from the FSA, says: "We found about a third of the sampled firms have terms in their mortgage contracts that allow them to vary their charges which, in our view, does not comply with the law and principles set out in the statement and so may be unfair."
It adds: “Should it come to our attention that a firm's terms do not comply, we will consider the extent of the breach and what appropriate regulatory action to take. This may include, if sufficiently serious, enforcement or court action.The FSA is writing to those firms whose mortgage contracts contain terms that, in its view, are unfair. It expects them to amend or delete the terms in new contracts and not rely on them in contracts with existing customers.... Full Article: Source
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