More and more it is important to get the best deal from your financial products than ever before. By simply shopping around you can pick up much better deals and this does not just go for your mortgage when you have to renew it at the end of its term. That said at the end of it’s term many still do not switch or even shop around to see if they can get a better deal on their mortgage.
In a report by The Office Of Fair Trading released this week it was reported that many people still do not switch there current accounts, even though many dissatisfied with them. The reason most people gave was that they believed it would be very inconvenient. The fact of the matter is that most banks will bend over backwards to help you in this process by helping you setup all your new direct debits etc.
The most common product to switch is our credit cards. We do this quite frequently, but even with credit cards we could still be getting better deals if we shopped around more often.
Our advice is visit comparison websites. Also type into Google the type of product you want with the spec you want it in. For example, if you want a personal loan with an APR of 4.5%, then type this into Google. You will often get webpages from companies supplying products to your specification that you might not find on Money Supermarket or other comparison websites. Be advised when you do this not to give up the first time if you do not first succeed. Try a few searches with 5.5% or 4% instead.
The point is you must shop around. Mortgages being one of the most important financial products that you should shop around for. But do not forget all the other financial products such as credit cards, bank accounts, loans and insurance.