UK Money News
2nd July 2008
Mortgage lenders 'pressurise customers by cross-selling'
Mortgage lenders put undue pressure on customers to take out home insurance with them, a survey suggests.
Gocompare.com quizzed over 1,000 Britons to examine the cross-selling practices undertaken by mortgage providers and how they are perceived by borrowers.
The site found that 20 per cent of the sample had taken out cover with their lender, and that 12 per cent of this group felt under pressure to do so or thought that it was compulsory.
Meanwhile, two thirds of respondents said they bought it simply because it was convenient.
Hayley Parsons, chief executive of Gocompare.com, said: "Mortgage lenders will generally provide insurance from one company, so it's unlikely that theirs will be the most competitive policy.
"Homeowners should shop around for both their building and contents insurance - the difference in premiums between insurers can be quite significant. However, it's important to compare policies on the cover they provide, as well as the price."
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