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Comparisons 'really important' when choosing financial products

Comparisons 'really important' when choosing financial products

Category: Loans

Updated: 31/10/2008
First Published: 03/10/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers seeking secured loans and other financial products have been advised to gather information before making a decision.

Norwich Union notes that the internet can be an effective research tool, as people can find what they are looking for in a controlled manner.

Head of web at the insurer Steve Genders added that for significant deals such as mortgages, being informed is particularly key.

It is "really important to compare products so you're sure of what you are getting", he stated.

Mr Genders' comments come following findings that many people in Britain do not fully understand how much they are spending on financial products.

According to Norwich Union, more than two-thirds do not know the value of their secured loans payments, while 78 per cent do not know their interest rate.

In addition, 72 per cent of secured loans customers are unaware of the type of mortgage they hold.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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