According to research from Abbey Mortgages, September is one of the busiest months of the year for renewals, as many people still appear to view September as the start of a new year.
Abbey also claims that 3.2 million people plan to renew road tax, 3 million will renew their car MOT and 2.9 million will renew their car insurance during the month. A further 2.3 million will renew home contents insurance and 1.8 million will renew their home buildings insurance.
This could cost up to £2.1 billion in renewals and it is anticipated that an incredible 23.8 million hours will be spent renewing policies and re-mortgaging in September.
The survey reveals that the most amount of time will be spent looking at re-mortgaging deals, while car insurance comes second with people spending an average of 4.7 hours looking for the best offers.
The company predicts that homeowners will spend more than 500,000 hours shopping around for their next mortgage deal this month, and approximately 90,000 individual homeowners will spend almost seven hours comparing remortgaging deals. However, the company is concerned that not enough people are shopping around as much as they should be.
Head of mortgages at Abbey, Nici Audhlam-Gardiner, said: “Re-mortgaging might be a time-consuming process, but it’s worth investing the time and effort so that you don’t have to invest too much of your hard-earned cash when your current mortgage deal comes to an end.”
“In particular, customers coming to the end of fixed-rate deals in the next month will find it hard to match their previous mortgage deal as rates have gone up – meaning good deals become even more important,” she added.
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