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Why some banks do themselves no favours

I don’t like to use this blog to whinge, moan or rant, but I found an issue during a mortgage transfer and think this letter speaks for itself:

Dear sirs

Attached is my payment for the arrangement fee of our mortgage transfer. 

In your mortgage documentation section 8, it states I have to pay the arrangement fee or it will be added to my mortgage. That is all it says. It does not say how to pay, when to pay or where to send the payment to. I would have considered that to be pretty important.

I assumed I could just pay through a telephone call with a credit card, and rang your offices to do just that only to be advised that payment would only be accepted by post or in a branch.

I wondered why it does not say this in your mortgage documentation?

I wonder why your documentation does not even state how to pay, when or where?

I wonder why you have made this so difficult?

Is it because you want most people to forget about this fee and have it added to their mortgage at your variable rates which, by the way, are quite punitive?

Yours faithfully,


About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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