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Mortgage arrangement fees up 17%

The average mortgage arrangement fee has increased by £151, or 17 per cent, over the past year, according to Moneyfacts.co.uk.

In August 2010, the average fee was £879, whereas today it stands at £1,030.

The highest fee on the market is £3,800, which is being charged by Accord Mortgages, and the highest percentage arrangement fee is 2 per cent, which is being charged by Precise Mortgages.

There are currently 357, or 12 per cent, of mortgages where there was no arrangement fee.

Spokeswoman Michelle Slade says: “Lenders appear to be offsetting the low mortgage rates on offer by increasing the arrangement fees.

“The average arrangement fee has increased by 17 per cent as lenders battle it out to offer the lowest headline rate.”

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