Missed mortgage payments can be costly.

04/02/2008 by Dave.

Missing a mortgage payment could cost borrowers even more than they think, depending on which lender they are with, it has been claimed.

A study into 18 leading mortgage lenders by moneysupermarket.com found that there is a vast inconsistency on fees and charges for missed payments.

A missed payment at Northern Rock and BM Solutions results in one month’s grace while customers with GMAC will receive a £50 charge.

Customers looking to deal with their debt can also face high charges as customers with Cheltenham & Gloucester who have a cheque or direct debit returned, three months arrears and an arrears advice appointment will be charged £372.

Louise Cuming, head of mortgages at moneysupermarket.com, said: “Borrowers in the unfortunate situation of going into arrears can expect to face some punitive and unjust charges.

“Many lenders are quick to agree on a mortgage, but not so eager to help financially when their customer is most in need,” she claimed.

“Lenders aren’t charities, but no one wins if they automatically burden customers with more fees and debt. I’m sure customers in arrears are unaware that most lenders charge for every call they make and letter they send,” Ms Cumming added.

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