Conveyancer Warns of Dangers of Legal Fee Free Mortgages

Fri, 16 Oct 2009

A conveyancer has issued a warning to consumers of the dangers of fee free mortgage deals . Senior partner with Goldsmith Williams, Eddie Goldsmith, has criticised the deals for not providing any legal representation for borrowers, despite appearing to provide full free legal cover . As a result, borrowers can be left without legal advice during the home buying process .

Typically, Mr Goldsmith warned, the deals only provide the lender with full legal representation. Instead of accepting the fee free deals for the allure of no legal costs, consumers are being advised to inspect the small print and take up the cash back option and use their own lawyers if such an option is available.

Prior to the credit crunch, an estimated 50 per cent of home loan products included fee free deals, while this figure will only have increase in the past two years as borrowers look to reduce their repayments. Indeed, eight high street lenders are currently offering fee free deals.

Nationwide have this week become the latest lender to launch a set of fee free mortgage deals, including two first time buyers loans with up to 70 per cent loan to value ratios.
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