CHEAP MORTGAGE COULD OFFSET SELLING COSTS

[Endsleigh Finance, Thursday, 18 May 2006]: The cost of being stuck in a property chain when moving could add up to over £44,000.

Research from National Homebuyers estimated that the total cost of dealing with estate agents and solicitors as well as the 'opportunity cost' of time could mean moving home may cost £44,575.39 – especially if the chain is particularly unstable.

However, shopping around for a cheap mortgage deal could also help to offset some of these costs even if your property chain is straightforward. National Homebuyers discovered that without a chain break, the cost of selling a home still averages £21,243.05.

"This research details the true cost of the inefficiency of selling your property in the open market," said David Harber, National Homebuyers communications director.

"One issue is that when deciding how to sell their house, few people account for the opportunity cost – the monetary value of their own time in that process.

"National Homebuyers encounter people every day . . . that have not factored the hidden costs as well as the fallibility of the chain."