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Bank claims: Moving home 'incurs unexpected costs'

People moving to a new home could end up having to make loan claims, as they are likely to face unexpected expenses.

This is according to research from the Money Advice Service, which found nearly three million people who recently moved to another house described themselves as "surprised" by how expensive it was.

A total of 37 per cent of respondents who incurred additional fees said the cost of moving home was higher than they had anticipated, while 68 per cent said it was surprising how quickly their outgoings added up.

This research was commissioned as part of the organisation's newly-launched Smart Move campaign, which could help people avoid making bank claims when they move home.

"It's important to be realistic about the costs, which can rack up and catch you by surprise if you don't plan ahead," Money Advice Service head of service delivery Jane Symonds said.

According to the recent House Price Index report from Land Registry, approximately 200,000 households are expected to move over the summer.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801425916-ADNFCR

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