The Danish parliament has agreed new rules that make it cheaper for homeowners to switch banks if mortgage fees increase. Banks have been criticised recently for raising fees, which homeowners must accept or make a costly move to another mortgage bank. The new rules require mortgage banks to give six months prior notice and an explanation of price increases, and allow homeowners to switch to another mortgage bank at half the normal prices. In addition, the Financial Supervisory Authority will be able to cancel fee increases if explanations are inadequate.
The Danish parliament has agreed new rules that make it cheaper for homeowners to switch banks if mortgage fees increase. Banks have been criticised recently for raising fees, which homeowners must accept or make a costly move to another mortgage bank. The new rules require mortgage banks to give six months' prior notice and an explanation of price increases, and allow homeowners to switch to another mortgage bank at half the normal prices. In addition, the Financial Supervisory Authority will be able to cancel fee increases if explanations are inadequate.