Movers advised to pay attention to mortgages as well as homes

29-Jun-2007

First time buyers and other homeowners who are set to move home in the summer months should pay attention to mortgage repayments at the same time as they are selecting their property of choice, it has been advised.

The Nationwide building society has revealed that the summer is the most popular period for borrowers to move home, with more than 210,000 doing so last year compared to just 152,000 between January and March.
However, those struggling with the costs associated with moving should ensure that their mortgage does not become an unmanageable burden, the lender has advised.

"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," noted Nationwide's divisional director for mortgages and savings Matthew Carter.

"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," Mr Carter added.

An increasing number of borrowers are now prepared to pay as much as five times their salary in order to secure their desired mortgage, it was advised earlier this week.

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