A recent survey conducted by Santander found that nearly a quarter of British homeowners have never reviewed their mortgage to make sure they’re getting a competitive deal.
Nearly three quarters of those surveyed said that they regularly reviewed their home insurance. ISAs proved to be under close scrutiny, too, with over half of respondents checking their rate frequently to ensure competitiveness in the market.
Millions of homeowners could be losing out
But there are still millions who never carry out a financial review. When it comes to day-to-day financial products such as credit cards and savings accounts, a significant number – nearly a quarter – admitted that they had never reviewed their rates or choice of provider since opening the account.
Hetal Parmar, head of banking at Santander, acknowledged that while the signs are encouraging when it comes to frequent reviews of certain finance products, many could be missing out by sticking with their current mortgage provider. Commenting on the situation, Parmer said: “Regular reviews and switching between providers continues to remain sluggish compared with other products like home insurance or utilities…People staying with the same provider year after year without checking for better deals may well be missing out.”
Regular reviews for a better mortgage deal
If you’re one of the 23% who have never reviewed your mortgage situation, why not make 2013 the year to do so? Fair Investment’s mortgage section offers information on all types of mortgage including fixed rate mortgages, tracker mortgages and offset mortgages, as well as a selection of the latest remortgage deals available. Changing to a different mortgage type or provider can bring significant savings, so it’s well worth reviewing your financial situation frequently to ensure all your cash is working hard.
© Fair Investment Company Limited