| Taking the time to find the most competitive financial | | | | 280 pounds if they choose the best deal, compared |
| products including personal loans available could save | | | | to the 25 pounds being offered by the most |
| consumers thousands of pounds, it has been | | | | uncompetitive supplier. |
| revealed. | | | | Choosing a leading cash individual savings account was |
| According to research carried out by Moneyextra, | | | | reported to earn consumers some 62 pounds and 70 |
| choosing the right mortgage can save up to 3,132 | | | | pence more in interest. |
| pounds, a figure which could help many homeowners | | | | "Shopping around for the right savings products can |
| pay off secured loans quicker. | | | | also pay dividends," Mr Amlot added. |
| Senior editor Robin Amlot said: "Getting your | | | | The findings also revealed that picking a competitive |
| mortgage right is the key financial decision in terms | | | | current account could generate an extra 64 pounds, |
| of financial efficiency. | | | | with the right term assurance policy potentially saving |
| "The potential savings on your mortgage account for | | | | up to 135 pounds every year. |
| almost 70 per cent of the total savings to be made." | | | | Earlier this week, it was suggested that those |
| These findings from Moneyextra come despite | | | | homeowners wishing to fix their monthly secured |
| mortgage rates rising over the last three months, | | | | loan repayments should look to act as soon as |
| which consequently has seen more homeowners | | | | possible. |
| struggle to make mortgage repayments. | | | | According to moneysupermarket, a number of |
| Overall, the financial services firm indicated that by | | | | lenders are beginning to increase interest rates on |
| replacing some of the worst financial products | | | | their fixed-rate products, following the Bank of |
| available for more competitively-priced deals, Britons | | | | England's monetary policy committee (MPC) decision |
| could save a total of 4,477 pounds - an increase of | | | | to raise the base rate to 5.5 per cent last month. |
| 150 pounds from the same survey carried out | | | | Head of mortgages Louise Cuming said: "Borrowers |
| available three months ago. | | | | needing the stability of a fixed-rate product should |
| However, the study indicated that savings rates on | | | | reserve their next deal now if their current mortgage |
| personal loans have fallen since March. | | | | term is set to end soon." |
| For a 9,000 pounds loan taken out over a 60-month | | | | She added that although fixed-rate products "have |
| period the highest savings on offer was 279 pounds | | | | been looking pretty good", the moneysupermarket |
| a year down from the previous survey which | | | | representative warned that "they appear to be going |
| indicated a peak saving of 386 pounds. | | | | up - and fast". |
| The fall was attributed to a "narrowing" of interest | | | | The expert also pointed out that as lenders continue |
| rates from the best and worst products, while rates | | | | to increase the costs of fixed-rate deals, the financial |
| on personal loans in general are said to remain "highly | | | | industry has predicted that the MPC is likely to |
| competitive". | | | | increase interest rates when it holds its next monthly |
| Meanwhile, the financial services firm also revealed | | | | meeting - which is scheduled to take place on July |
| that for those looking to put 5,000 pounds into an | | | | 5th - a move which could well further pressurise |
| instant access savings account, consumers could earn | | | | consumers into making repayments on secured loans. |