The Ipswich Building Society has attacked mortgage lenders, accusing them of pushing lending that could confuse potential borrowers. Ipswich said that some re-mortgage deals enticed people with free conveyancing and survey costs, only to hit them with a huge fee on completion.
Ipswich commented that the fee on completion often outweighed the benefits of free conveyancing and survey costs. Paul Winter, Sales and Marketing Director for Ipswich said, "What people do not realise is that many of the deals have a sting in the tail. If you have got a £100,000 mortgage you could end up paying charges equivalent to an extra 0.5% on the interest in the first year"