UK Money News
22nd May 2008
Shopping around can still bring savings, claims finance site
Despite lenders levying charges on a number of loan products, consumers can still make significant savings by shopping around, it has been claimed.
Moneyextra compared the cost of the "near worst" products on the market with that of the "near best" to assess the savings that can be made.
It was found that the cost savings for a consumer who swapped the worst value deals for those near the top of the best-buy tables can reach as high as £3,363.84.
The largest savings were to be had on mortgages, with the difference between the worst £120,000 loan and the best standing at £1992 per year.
Meanwhile, on a credit card balance of £2,300 over a year, switching to a best buy product can cut payments by £272.
Robin Amlot of Moneyextra.com, said: "Mortgages aren't cheap and lenders aren't fighting for our custom in the way they used to but you could still save yourself almost £2,000 a year just by making the right mortgage choices."
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