Movers urged to consider mortgages

Whether Britons are moving or looking to improve their home, they ought to look at their mortgage options to save themselves money, an expert has warned.

Louise Cuming, head of mortgages at moneysupermarket.com, said that a remortgage at the same time as moving or doing DIY can save thousands even after paying the penalty charges.

“Remortgaging to a larger loan incorporating an allowance for home improvements could work out more cost effective even after mortgage exit fees,” said Ms Cuming.

“Not only will the remortgage save you money in the short term but the home improvements should increase the value of your property for when you do want to move.”

Her comments come as Council of Mortgage Lenders figures show that homeowners need to consider their mortgage carefully or else they could be saddled with £2,130 of extra costs.

Ms Cuming’s comments apply both to East Anglians, who were found to move the most, and Londoners, the most likely to stay put in the survey, where a new mortgage could help both movers and improvers get a better deal.