Almost half of Brits plan to move

Four out of ten consumers are planning to move house at some point this year, says Moneyfacts.

08:45 18 February 2005

Four out of ten consumers are planning to move house at some point this year, says Moneyfacts.

Its survey also found that three out of ten people do not know how much interest they are paying on their mortgage.

About half of those questioned also felt that house prices would increase during 2005.

"It is worrying that many consumers do not know much detail about their mortgage and that so few people haven't changed their mortgage for some time - showing how many will probably be on their lenders' standard variable rate," commented Emma Butler, Moneyfacts web editor.

The use of an independent financial adviser split those surveyed down the middle: only 50 per cent of consumers used an IFA when getting their mortgage.

Almost 50 per cent of consumers switched mortgages over three years ago, despite the chance of preferential rates with a different supplier.

Ms Butler added: "With mortgage balances being so high the potential savings of changing to a better deal can be thousands of pounds."