Nationwide: Seek out competitive mortgages

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Nationwide: Seek out competitive mortgages

Prospective homeowners are being encouraged to choose the most competitive mortgage package to keep their overall costs as low as possible.

With the summer period believed by Nationwide to traditionally be a popular time to move home, the group is urging consumers to take as much stress out of the move by picking up the best possible package.

On an average loan of £133,000, a five-year Nationwide mortgage would cost £855, compared to £888 with a similar deal at Northern Rock.

The group believes that savvy Britons could save up to £3,600 over a five-year period by taking on a Nationwide mortgage.

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."

He added: "It is essential to make sure you have the right mortgage deal and the right lender."

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