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Summer "busiest time for homemovers"

Many householders are set to have their finances stretched in the next few months, with summer being revealed as by far the most popular time to move home.

New research by Nationwide has shown that 210,000 mortgage holders changed residence during the summer months last year, compared with just 152,000 between January and March.

As a result, the building society is advising movers to take the opportunity to reassess their mortgage, although they may also need to use other forms of borrowing, such as personal loans, to deal with the additional costs of a new home.

"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," said Nationwide's Matthew Carter.

According to a recent survey by the Co-operative Bank, Britons spend a collective £10 billion a year on "hidden" moving expenses, such as estate agent charges, solicitors' fees, removal costs and new furniture, in addition to the price of their new house.

See how much you could save with a home loan from Lombard Direct.

29/06/2007 16:51:55

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