Are you being charged a fortune in interest on your insurance?

Buying insurance cover for your vehicle is already an expensive affair, and whilst there are different levels of insurance cover to cater for different needs and pockets there is no doubt that the cost of vehicle insurance cover overall has been rising for a number of different reasons, including the heightened level of insurance fraud in the current climate, which unfortunately honest drivers usually end up picking up the tab for. Read more

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Credit card summary boxes will be easier to understand for consumers

From June of this year credit card applicants and customers should find that the credit card summary boxes on the application forms and marketing materials of credit card providers is far easier to understand. Read more

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Homeowners losing £40m on insurance

Homeowners who fail to shop around for home and life insurance are losing out on a combined £40 million per year.

The figure has been put forward by the Post Office which says many Brits simply get their insurance from their mortgage lender due to convenience.

Around eight million people in the UK opt to buy their insurance from the same firm that gives them their mortgage, with one in ten people incorrectly believing that it was compulsory that they do so.

A further one in 20 were convinced that their loan would be at risk if they did not also buy insurance, while 63 per cent chose their mortgage provider’s insurance because it was convenient to do so.

“Convenient doesn’t always mean cheap,” said head of insurance at the Post Office Phil Ashkuri. “Many homeowners don’t realise taking out buildings and contents insurance with their mortgage lender is generally not the best value deal. And it’s not compulsory for securing their mortgage.

“Our advice is shop around as there are better home insurance deals out there from standalone providers.”

The majority of buyers will be able to find a better deal by getting their insurance from a different source to their mortgage, loan or credit card provider.

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Brits demand stamp duty changes

The majority of Brits want to see Gordon Brown change the stamp duty bands to bring them in line with current house prices.

A poll, carried out by GE Money Lending, has found that 71 per cent of us want Mr Brown to announce changes during the upcoming Budget statement.

Many people, 32 per cent of those asked, believe that the stamp duty exclusion band, which currently includes homes costing less than £125,000, should be increased to regional average prices.

However, one in four people accept that this is unlikely to happen and simply want Mr Brown to link the exemption band to house price increases moving forward.

Although most Brits are unified when it comes to increasing the stamp duty exemption band, we are more divided when it comes to helping first-time buyers to get onto the property ladder.

A majority 58 per cent want the Chancellor to increase the stamp duty exemption band for first-time buyers only and most want to see them given help in one way or another.

In contrast, 38 per cent believe that helping first-time buyers too much is unfair on those who have already paid.

“What is… interesting is the polarised levels of empathy consumers have when it comes to the plight of first time buyers,” commented Duncan Berry, director of mortgage sales at GE Money Lending.

“It is important that lenders continue to understand the difficulties faced by this group, developing new and innovative ways of helping them to get onto the housing ladder.”

If you are a first-time buyer who is looking to take out a mortgage make sure you shop around to find the best deal for you.

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Switching Finances Can Save You Thousands

Financial experts have concluded that on average Brits could enjoy saving a whopping four thousand pounds a year simply by switching financial products such as loans, savings accounts, credit cards, and mortgages to better value products than their existing ones. The figures are based upon those currently putting up with poor deals on such financial products, and the financial difference it would make if they were to switch to some of the best deals around for the same type of products.

According to figures released by Moneyextra, the average saving that people in the UK can make each year by making this switch equates to £3976.02. According to the data, three months ago making the same type of switch would have saved Brits £167.24 less than it would now, so in the space of three short months consumers in the UK can save even more each year simply by ensuring that they have the best value financial products.

Robin Amlot of Moneyextra stated: “At this time of year, when consumers’ minds are turning to spending perhaps not wisely but all too well for Christmas, it’s more important than ever to make sure we’re getting value for money for our money. Shopping around for just the right present for the person you love is second nature. Shopping around for just the right financial product or service for yourself should be too.”

According to Moneyextra, the bulk of the savings each year can be made through finding a good value mortgage, and shopping around for the best deals. Finding great deals on credit cards and laons can also net substantial savings each year. And looking out for higher interest savings accounts could help you to clock up more in the way of savings. A combination of all of these changes therefore adds up to a considerable annual saving.

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