The Council of Mortgage Lenders (CML) and Which? have launched a new tariff of mortgage charges that will introduce a standard format for how lenders communicate their fees, to make it easier for customers to understand charges and compare deals. There are two key improvements in the tariff:
- Standard terminology: meaning that same names will be used for fees.
- Common format: each lender will list fees in the same order with the same descriptions.
85% of lenders have already committed to introducing this new tariff.