This year during July and August many more will be packing boxes and booking removal lorries. Nationwide Building Society is urgeing these home movers to make the most of this opportunity and reassess the cost of their mortgage payments as well as their accommodation.
Typically home movers are upgrading to a higher value property with an average mortgage of £133,000. A five year fixed rate with Nationwide for a loan of this size will cost £855 a month, compared to Northern Rock, for example, where the cost would be £888. Switching to a new lender has never been easier and could save borrowers up to £3,600 over a five year deal period, allowing them to start afresh in their new home, with some savings too.
Matthew Carter, Nationwide’s divisional director for mortgages and savings, said: “When people move house they spend considerable amounts of time choosing carpets and curtains but don’t always pay as much attention to less visible but equally important elements – and even when they do, they don’t always make the right choices. It is essential to make sure you have the right mortgage deal and the right lender. Borrowers need to contact their lender when moving home, so should use the opportunity to look at their deal and others on the high street in detail. Moving home is a stressful occasion, but ensuring you get the best deal on your mortgage will, at least, take the pressure off your finances.”
