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Don't let cheap mortgage savings be overshadowed by fines

Date: Thu, 25 Aug 2005

Savings made by obtaining a cheap mortgage could be undermined if homeowners don't pay bills on time.

It is estimated that over £257 million is spent on fines due to missed payments and interest charges on household bills as a result of moving home, according to BACS Payment Schemes.

Research suggests that around one in five moving households don't inform companies and banks of a change of address which leads to around £85.42 of charges.

One way of ensuring cheap mortgage costs are not lost could be to make sure bills are paid via direct debit so that no payments are missed during the stressful process of moving house.

"Moving home is already an expensive and stressful time, yet we are wasting millions more by letting household bills fall behind when changing address," said Michael Chambers, managing director of BACS Payment Schemes, the company that oversees the UK's direct debit service.


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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.