Quarter of house-buyers `unaware of full cost of debt`

Nearly a quarter (24%) of house buyers are unaware of how much the extra costs associated with buying a home will add to their bill, according to Unbiased.co.uk.

Many house-buyers fail to take into consideration the cost of surveys, solicitors fees, and stamp duty, all of which can add a significant amount to the total cost.

41% of housebuyers say they will use savings to cover these costs, while 18% plan to add them to their mortgage debt.

An expert at debt management company Gregory Pennington said: "With something as significant as a house purchase, it`s important to plan for all the costs involved.

"Adding these costs to the mortgage can make these costs more manageable, but homeowners must remember this can noticeably increase their debt, and it`ll also accrue significant interest which they wouldn`t pay if they covered the costs up front."

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Gregory Pennington offer debt advice and debt management plans, as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.