Young Brits 'most attuned to benefits of mortgage switching' - 21/01/2008
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The benefits of switching mortgages are more keenly perceived by young Britons than their older counterparts, a financial services provider asserts.
Abbey Mortgages states that consumers between the ages of 24 and 35 are the most likely to review their mortgage regularly.
Some 35 per cent of this age group professed to "burying their head in the sand" in terms of mortgage reviews, compared to a corresponding figure of 64 per cent for the 55 to64-year-old age bracket.
Older consumers were both less likely to be on a competitive mortgage deal and more likely to have a smaller loan, the report found.
According to the investigation, people on uncompetitive deals could be paying £5 more a day than necessary on their mortgage.
Nici Audhlam-Gardiner, head of mortgages at Abbey, says: "£5 a day or £140 a month on average is not an insignificant amount of money and we know for a fact that five million people could benefit immediately by shopping around."
Meanwhile, price comparison website MoneyExpert.com claims that almost half a million people have missed a mortgage payment in the last six months.
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