Money Round-up Video: dodgy fees; rogue traders; retailers’ Christmas tricks
Video: The Independent’s Personal Finance Editor Simon Read talks over the latest Money news with Headline London host Claudia-Liza Armah.
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Your support makes all the difference.This week, Simon Read discusses dodgy mortgage fees, not falling for retailers’ Christmas tricks and why being a good neighbour is so important
Sneaky mortgage fees
Lenders have more than 40 different fees and charges, making it impossible to work out the best mortgage deals.
As well as the fairly standard “administration fees”, lenders are charging “application fees”, “assessment fees”, “arrangement fees”, “booking fees”, “product fees”, “reservation fees” “completion fees” and “mortgage questionnaire fees”.
There’s even the ridiculously prosaic “lenders’ fees”. They’re all designed to hide the true cost of a mortgage.
Doorstep crime
The ‘Good Neighbours Stop Rogue Traders’ campaign wants us all to keep an eye out for older and vulnerable members of our communities.
Why? Because they’re being targeted by criminals who grossly overcharge for minimal work, sometimes robbing their victims of their life savings. In one shocking case a north London 87-year old was charged £530,000 by a rogue builder who only did £60,000-worth of work.
To help we all need to be more neighbourly.
Retailers’ tricks
As the Christmas season approaches, shops will be pulling out the stops to make you spend more than you need to.
'A third extra for free', dubious gift sets, and recommendations for a present for ‘Grandpa’ are just some of the tricks they use to make you pay more than you intended.
The secret is to be wise to them.
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