In an earlier article, we reported how the Chancellor of the Exchequer, Alistair Darling, had warned that if mortgage fees did not become more competitive, he would ask the FSA to step in and start to regulate mortgage fees charged by the banks. High mortgage fees are a real barrier to people buying a home.
Recently, Darling has renewed those calls, asking mortgage lenders to reduce their fees. The call came after he had a meeting with the FSA and the Council of Mortgage Lenders, where he stated he felt that the high mortgage fees currently charged by banks amounted to no more than exploitation.
The government has also been urged to help in its own way by re-examining the bands of stamp duty. According to Liverpool’s Daily Port, Bryan Gray, Head of the North West Development Agency, wrote to secretary John Hutton asking the government to re-consider the level of stamp duty. He also said:
“It might be instructive to review the impact of the level and structure of stamp duty on residential properties coming to market.”
The wide range of mortgage fees and the way land tax (stamp duty) is currently applied is something covered in CeMAP training.
For those interested in becoming a mortgage advisor, the CeMAP qualification is the first step to a new career.