Mortgages prove to be toughest product to switch for third year


For the third consecutive year mortgages have been rated the most difficult product to switch, while home insurance provided the least hassle, according to GoCompare.com.




The comparison website conducted a survey, known as the “Switching Report”, to discover which products are easiest and most difficult for consumers to switch for 2017.

Only 45 per cent felt that switching mortgages was easy, down noticeably from 2014 when 70 per cent said it was easy to switch mortgages. The next closest product is broadband provider, which 65 per cent of respondents said was easy to switch, just behind bank account (current account) on 67 per cent.

At the other end of the scale, 88 per cent said changing home insurance was easy, while 86 per cent said the same for car insurance, followed by gas and electricity suppliers with 79 per cent.

“Some products are clearly easier to switch than others but it is also true to say that some providers and sectors have embraced switching more than others,” said Matt Sanders, head of money and protection at GoCompare.com.

“Switching enables you to take advantage of lower premiums, more favourable interest rates and lower charges, giving you the potential to save hundreds of pounds on a range of products and services.

“However, the right to easily shop around and take your custom elsewhere, is not one that is universally recognised by all providers. As a result, it can take a bit of effort to switch sometimes, but any hassle is usually greatly outweighed by the financial benefits,” he continued.

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