Banks 'best' for mortgages

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Banks 'best' for mortgages

Mortgage-seekers are being urged to focus on the offerings of banks following research undertaken by independent financial data collection and research company Defaqto.

Defaqto has stressed the importance of shopping around for a mortgage deal after finding out that the disparity between products can account for around £500 per year.

The annual survey discovered that HSBC was the cheapest mortgage provider for existing customers, with Intelligent Finance coming in second place.

David Black, head of banking at Defaqto, said: "Despite two Bank of England base rate increases last year, on average they did not change significantly from 2005 so it's not surprising that it cost virtually the same to service a standard variable rate mortgage in 2006 as it did in 2005."

He added that though he appreciated that standard variable rate mortgages are only form of loan, they can provide "an important benchmark in competitiveness".

The British Bankers' Association has announced that approvals for mortgages rose from £10.8 billion in October 2006 to £11.4 billion during the next month.

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