As people are more likely to move home during the summer months, taking out a competitively priced secured loan and planning spending wisely has been recommended.
The news comes as figures released from Nationwide indicate that some 152,000 borrowers moved home between January and March, compared to 210,000 from June to August last year. But with this proportion set to rise even further this summer, by taking the time to shop around for a good secured loan rate the company reported that consumers could save hundreds of pounds.
On a five year fixed-rate deal of 133,000 pounds - which is signified to be the average value of a property moves are entering - by taking out a competitively priced loan borrowers could save about 33 pounds per month. Over the course of the five year deal, this saving translates into 3,600 pounds money which could help Britons "to start afresh in their new home, with some savings too".
Matthew Carter, divisional director for mortgages and savings for Nationwide, 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."
Consequently, consumers were urged to get into touch with their lender should they ever look to move home. The director added that such a time also proves an ideal opportunity for borrowers to look at their current deal in detail and to analyse what is being offered by other lenders. "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 also suggested.
Mortgage buyers were also advised to ask about various rates attached to the property buying process such as valuation fees, higher lending charges and product reservation expenses. Checking how long mortgage deals last and any respective costs tied into them beyond the end of the deal was also urged. Meanwhile, those looking for any flexibility in making secured loan repayments may wish to check whether or not they can make under or overpayments or take a break.
In related news, another Nationwide study also released today suggested that the 12.6 million Britons who smoke could save nearly 4 billion pounds a year by giving up the habit. With the national smoking ban coming into effect on July 1st, those who typically smoke five packets of cigarettes a week will find themselves better off to tune of some 1,359.80 pounds by stopping the habit.
Divisional director Robin Bailey said: "There has never been a better time to give up smoking. A smoke-free England will help ensure a healthier environment for everyone and those who quit will not only notice the effects on their health but on their finances too."
In addition to being able to make secured loan repayments with greater ease, stopping smoking could also give consumers the spare cash to redecorate their homes. "The prospect of cheaper life insurance and saving money should act as a great incentive for people to kick the habit and help boost their wealth as well as their health from July 1st," he added. Figures from the financial services provider also indicated that quitters could save some 3,720 pounds on the cost of their life insurance policy during their lifetime.
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