Homeowners hoping to move or those looking to buy their first home should be aware of the hidden costs, according to industry experts.

Independent mortgage broker John Charcol says anyone thinking of switching to a new property should consider the cost of things such as early repayment charges, paying to exit a mortgage, higher lending charges and stamp duty.

For example, some mortgage lenders have more favourable terms on early repayment charges (ERC) than others – some companies only have ERCs during the initial competitive rate, whilst others have overhanging ERCs which lock a borrower in whilst still paying a lender's Standard Variable Rate.

Exit fees - also known as administrative charges, sealing fees or deeds-release fees – penalize customers to the tune of around £195 to £295 if they choose to leave their mortgage later down the line.

"Buyers tend to get caught up in the excitement of choosing a new home and run the risk of paying the price financially by not ensuring they get the best value from their mortgage," Drew Wotherspoon of John Charcol.

"If you're willing to bargain over fixtures and fittings it also makes sense to look at the other ways you can get a better deal when you move. As a mortgage will be, in the vast majority of cases, the most expensive commitment, borrowers should start here."

Other costs involved in the home buying process include solicitor and survey fees for which the average homeowner needs to factor in around £500 and £900 for each respectively.