Mortgage Account Fee on all HBOS mortgages

Commenting on the introduction of a Mortgage Account Fee on all HBOS mortgages, Louise Cuming, head of mortgages at moneysupermarket.com, said: "HBOS has waited until the exit fees debate has died down before sneaking in a more expensive charge.

"When exit fees were under the microscope after last year's FSA investigation, HBOS was hailed for reducing the controversial charges from Halifax deals from £225 to £50. Disappointingly it has now decided to introduce a fee of £245 just when borrowers are feeling the pain of increasing rates and the rising cost of living.

"I urge HBOS to scrap this decision. Borrowers need all the support they can get at the moment, and more decisions like this from other lenders could shift the housing market from a stagnating slump into a fully blown crash."