Nationwide urges home movers to switch deals

Nationwide has urged movers to switch to a better mortgage deal at the same time they switch homes.

More people move house in the summer than any other time of year. Last summer over 210,000 borrowers moved to a new home.

This compares to only 152,000 moving between January and March.

Nationwide urges home movers this summer to make the most of this opportunity and reassess the cost of their mortgage payments as well as their accommodation.

It says typically home movers are upgrading to a higher value property with an average mortgage of £133,000.

Matthew Carter, divisional director for mortgages and savings at Nationwide, says: “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.”