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The £5,000 extra home movers are having to find

Where would you find an extra £5,000? It’s not a question that many of us would like to have to answer. But 39% of recent home movers have paid this out on average for extra costs -  on top of what they budgeted for.

Those who  bought their home paid more than £6,000 more than expected while renters overpaid more than £3,000 each.

That’s comes to a total of £17 billion among recent movers, according to the research by MoneySuperMarket.

There’s no denying moving house can be stressful. But with 20% of us unable to concentrate on our jobs due to house stresses, is there an easier way to feel prepared?

Don’t let moving out stress you out

As with many things, the key here is preparation. Knowing about all the costs at the beginning can help avoid unexpected shocks.

If you are buying a home, the first step is to work out what you can afford to borrow.

 

Getting a mortgage isn’t just about your mortgage repayments. Lenders will assess your living expenses to see what you can afford, and now, when you apply for a mortgage, the lender will cap the loan-to-income ratio at no more than four and a half times your income.

No-one likes to think about what they would do if something goes wrong, but it’s important to think about it.  .  So, if you lost your job, or you couldn’t work because you fell ill, could you still afford the property you want without falling into difficulty?

Renting a property? It’s still important to budget!

Of course, moving home isn’t just about those buying a home. It’s still easy to break the budget when renting, but with a bit of research you’ll be a lot more prepared.

Make sure you think about the whole costs of renting. Bills like council tax, gas and electricity and water will most commonly be on top of your rent.

Draw up a budget of your usual monthly payments, such as your mobile phone, food bills and clothes. Are you forking out more than you thought on all of those little extras? Keep them in mind when you are considering the rent you can afford.

 

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  • Eileen / 23 August 2015

    My grand daughter. Is about to embark on getting a mortgage for the first time where she lives in Gibraltar so I have forwarded this guide to her thanks

  • ogechukwumaduka / 5 August 2015

    i think were to received credit card information's and payments