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Source for Articles: Your Mortgage magazine

Issue 233, Sep 05, pages 7-8

www.yourmortgage.co.uk

 

Moving home 'makes one in 10 physically ill'

Moving house has long been acknowledged as one of life's most stressful events, but research from Yorkshire Bank reveals that one in 10 movers actually becomes ill from the stress of moving.  Two out of three movers say moving is highly stressful, and one in eight vow never to move again.  One in three women struggle to sleep the night before a move, compared with just one in seven men.  And one in four movers start worrying about paying the mortgage as soon as they move in.

 

ID threat to homemovers

Almost a quarter of people in the UK leave themselves open to identity theft when they move home because they don't redirect their post.  Credit reference agency Experian reckons that, of the three-quarters of movers who redirect their post, at least one in 10 is still at risk by leaving personal documents behind.  It claims that 43% of identity theft cases in the UK have occurred at a homeowner's previous address. This is because a lot of people leave behind key personal information when they move to a new home, which can be used to commit identity fraud.  These include mail order catalogues addressed to them (11%), personal mail (9%) and even bank statements and utility bills (2%).

 

Mortgages for the divorced

Each year over 150,000 couples divorce in the UK so Yorkshire Building Society has launched a mortgage deal specifically aimed at them.

 

The Fresh Start mortgage comes with interest-free repayments for the first six months and a cash-back of £400, and is available for up to 100% of the property's value.  The lender will accept a solicitor's letter as evidence of maintenance when assessing borrowing capacity, rather than a court order.

 

A free counselling service is also available for customers who sign up to the deal.  Observers welcomed the product, but warned that lower rates will be available elsewhere and pointed out that early repayment charges on the deal are high.

 

Pensioners face long waits for home sales

An estimated 237,000 retired homeowners will move this year, but according to retirement housing specialists, Economic Lifestyle, many will face a long wait to actually sell their current home.  Research with 47 retired homeowners who have moved over the last five years revealed that just one managed to make a sale within two months, 47% took between eight and 10 months, and 23% took longer.  One in three said they found the experience of selling their property very stressful. 

 

Economic Lifestyle suggested that the actual price achieved when their properties are sold could add to pensioners stress.  Only 4% achieved more than the asking price, and 11% achieved the asking price.  a substantial 8% had to accept more than 16% below asking price.