7 Nov

Which? calls for more transparency in the lending market

Which? calls for more transparency in the lending market

Consumer watchdog Which? has called for a higher level of transparency in the property market as a way to make sure that lenders are passing down savings from the Funding for Lending Scheme to those taking out mortgages.

The organisation said the government should be publishing its expectations and requirements from the project, which was brought about in September of this year, so that there is little scope for excuses.

In turn, banks and other brokers would be asked to justify where they are passing savings made onto their customers.

It also said that banks need to stop increasing arrangement fees for buyers, as these have leapt up by 60 per cent in the last 18 months.

Which? executive director Richard Lloyd said: "We have been calling on lenders to use the Funding for Lending Scheme to help first-time buyers and mortgage prisoners," adding that new rates from the Co-operative should provide an incentive for others to match.ADNFCR-1222-ID-801484109-ADNFCR

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