ING to charge house-buying clients €2,100 for mortage advice

Thursday 01 November 2012

Financial service group ING will charge clients who are buying a new home €2,100 for mortgage advice, the same as ABN Amro.

From next year, banks and financial service providers will be banned from charging commission (provisie) on sealed mortgage contracts and other financial products. Instead they will be able to charge clients a fee.

The aim of the measure, which still has to be approved by the upper house of parliament, is to increase transparency about the charges and fees associated with financial products as well as improve the quality of the advice.

SNS Bank said earlier its mortgage advice fee would be €2,900. Market leader Rabobank has not yet published its charges.

Earlier this week, the Financieele Dagblad reported banks, insurance companies and financial advisors fear the impending ban on commission will lead to consumers buying products they do not understand.

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