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British homeowners fail to compare mortgages for cost

04 July 2007
More than two in five British homeowners will not compare mortgage products before they take out a home loan, has revealed.

Although homeowners present themselves as financially aware, insisting low interest rates are the primary factor determining which mortgage product they will choose, 43 per cent are still not comparing products for value, the survey showed.

Almost three in ten chose their next mortgage by simply sticking with their current provider, with the likelihood of loyalty to a former mortgage provider increasing with age, according to the survey.

But by remaining apathetic about which mortgage products they buy, customers could be missing out on better-value deals, warned the advice site's head of mortgages Louise Cuming.

"Loyalty comes at a price … regardless of age everyone should shop around," she said.

When customers did opt to compare prices on possible mortgage products, meanwhile, 22 per cent sought advice from a mortgage broker which just one in five undertook independent research themselves.

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