Nationwide is urging home movers to switch to a better mortgage deal at the same time they switch homes.

Nationwide said that more people move house in the summer than any other time of year. Last summer over 210,000 borrowers moved to a new home - a sizeable difference when compared to only 152,000 moving between January and March.

This year during July and August many more will be packing boxes and booking removal lorries and Nationwide Building Society urges these home movers to make the most of this opportunity and reassess the cost of their mortgage payments as well as their accommodation.

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

Nationwide said a five year fixed rate with Nationwide for a loan of this size will cost £855 a month, compared to Northern Rock, for example, where the cost would be £888. Switching to a new lender has never been easier and could save borrowers up to £3,600 over a five year deal period, allowing them to start afresh in their new home, with some savings too.

Nationwide advice on cooling down that mortgage
- Ask your lender what the total cost of the deal will be - don’t just look at the headline rate
- Shop around and compare the total cost of the deal
- Ask about fees, including: product reservation fees, valuation fees and higher lending charges (charged by some lenders for borrowers who wish to borrow over 90% of the value of their property)
- Check whether you will be tied in beyond the end of the deal, and if so for how long (and how much it will cost to get out of it)
- Ask whether the mortgage is portable – at Nationwide you can take your mortgage with you if you decide to move home
- Check what flexibility the mortgage allows – can you underpay, overpay and take payment holidays?
- Ask what the lenders Standard Variable Rate is and if you will be transferred to this at the end of the deal
- Find out what the early repayment charges apply and what exit fee applies

Matthew Carter, Nationwide’s divisional director for mortgages and savings, 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. 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.

To find out more about Nationwide mortgages, visit your local branch, look at our website www.nationwide.co.uk or call 0800 30 20 10.”