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Mortgage customers blighted by increasing bank charges

Mortgage customers across the UK are being badly affected by rising bank charges, a new study has found.

According to Moneyfacts, the average mortgage fee has risen by more than £600 in the past 12 months, which has piled more misery on those who are trying to get a foot onto the property ladder.

Now, the organisation found, the average home loan fee stands at £1,498 - up from just £889 a year ago.

The average charge for a 60 per cent loan-to-value mortgage has also risen by 42 per cent during the same timeframe.

Moneyfacts spokeswoman Sylvia Waycot said people need to do their homework before approaching a bank for a mortgage package.

"In the excitement of buying a house, it is easy to ignore arrangement fees but this could be a costly mistake, especially if the fee is added to the mortgage loan," she remarked.

The British Bankers' Association has revealed that mortgage lending was up by 12 per cent in December 2011 when compared with the same month in 2010.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801275468-ADNFCR

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