Consumers that hope to get an easy loan from their favorite bank are quickly finding that the loans are coming with very high fees. Right now, easy loans are some of the most expensive to get and banks are cracking down on their availability. In the past, you could get an easy loan from just about any bank, but right now it appears as though most consumers are needing to seek private lending to get an easy loan.
Sean Gardner, director of MoneyExpert.com, said: ‘Such high application fees will come as something of a shock to many homebuyers. We’re just not used to these levels. The days of fee-free mortgages are over and frankly getting anything under £1,000 is something of a coup. With stamp duty reaching an average of £4,950 per property, moving home is becoming more and more expensive.’
In addition, it is getting harder for applicants to get low quotes from their lenders. Rob Clifford, of broker Mortgageforce, cautioned: ‘Can you rely upon a quote from a lender? The answer is no. Lenders are not obliged to honour quotes and could elect to reject all applications or offer less attractive deals. Consumers haven’t got a cast-iron deal unless they have received a formal mortgage offer from the lender.’
Related reading: Easy Loan
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