Due to the confusion around mortgage costs, the Chancellor of the Exchequer asked the Council of Mortgage Lenders (CML) and Which? to find ways to make it easier for consumers to understand and compare the costs of different mortgages with different lenders.
The CML and Which? have now published a Tariff of Mortgage Charges document that will introduce standard terminology and format for how lenders communicate their fees, making it easier for customers to understand charges and compare deals.
Lenders representing 85% of the market have already committed to introducing this tariff and putting it on their website by the end of the year, and the CML and Which? anticipate that other lenders will also choose to adopt it.
The CML and Which? note that they plan to agree a standard comparison method early next year for lenders to adopt in 2016.
View CML and Which? reveal new mortgage tariff to help consumers compare fees and charges, 22 November 2015