Fool.co.uk: Mortgage takes a backseat to holiday planning - 17/01/2008
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More time is spent researching holiday destinations than on choosing a mortgage, according to a new UK study conducted by Fool.co.uk.
In a survey of 2,000 people, 36 per cent admitted they spend a minimum of ten hours researching their ideal holiday, with 21 per cent saying they would invest the same amount of time in selecting a mortgage.
Some 11 per cent said they would spend more than ten hours researching a bank loan.
David Kuo, head of personal finance at the website, said: "Who can blame people for wanting to spend more time planning their holiday than pouring over financial products? But while a good holiday will recharge your energy levels for a few weeks, healthy finances can boost your bank balance for a lifetime."
He added that people who take longer to consider financial products, such as mortgages, may be able to save up to £3,000 - a sum which might be useful to pay for a well-researched "dream vacation".
Yesterday, Moneyextra.com suggested that people can save an average of £144 each year by switching mortgage providers to a cheaper rate.
Robin Amlot, senior editor for the site, said people can also save money by shopping around for more competitive rates on personal loans and savings accounts.
© Adfero
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