UK BORROWERS, UNEDUCATED CONSUMERS?

A recent survey conducted by moneysupermarket.com has revealed worrying facts about loan consumers in the UK. As the survey shows 43% of financial borrowers do not compare mortgage products before committing to a loan.

Furthermore almost 30% of UK borrowers will stick with their previous lender by inertia only. This trend, the study observes is accentuated as the consumers are older.

Experts have commented on the negative effects that this phenomenon of apathy is having on the level of competitiveness on the market.

More alarming is the weakening of purchase power due to unnecessary financial effort wasted on mortgage deals that could be much more advantageous.