The UK's Financial Services Authority (FSA) has published a new update on changes to mortgage exit administration fees (MEAFs) in Britain.

Those looking to purchase a new home may be interested to read that a statement of good practice was issued by the FSA in January this year and mortgage lenders in a bid to crack down on high and unexpected mortgage exit fees charged to consumers.

The FSA has been tackling increases to MEAFs and has been developing a system that will allow past customers to claim compensation if they have been unfairly charged.

Analysing the responses of a sample of firms, the FSA found that most major lenders have opted to charge a fee that that cannot be varied during the lifetime of the mortgage, or removed MEAFs altogether, with more of the fees reflecting administrative costs when a customer exits the mortgage.

Clive Briault, FSA managing director for retail markets, commented: "What we are seeing achieves our principal aim of stopping customers from being surprised by unexpected increases in these fees."

Lenders have been urged by the FSA to publish their strategies on MEAFs by July 31st and to review their approach to the FSA statement of good practice, however moneysupermarket.com claims that many are still charging high fees for mortgages.

"Not all lenders are playing ball with the FSA, but instead are sidestepping its recommendations," Louise Cuming, head of mortgages for the consumer website said. "New charges will hit the consumer hard at a time when mortgages are becoming less affordable, yet the lender could use the 'spin' of marketing a 'no exit fee' approach."