Homeowners losing £600
million a year
holders are losing £600 million a year when
taking out insurance with their mortgage provider.
Estimations completed by Post Office
Financial Services resulted in over 5 million people were losing
large cash blindly when purchasing their insurance from the same
firm they completed their mortgage
deal with. The Financial Services feel that people
should shop around to get the best deals possible.
Nearly 63 per cent of people said that
it was convenient purchasing building, life insurance and contents
with their same mortgage
They also stated to the 12 per cent
of respondents who guessed purchasing insurance from their lender
was necessary and the four per cent who guessed not doing so would
put their mortgage
deal in danger, thinking that buying insurance is
not part of a mortgage deal.
Head of insurance Phil Ashkuri at Post
Office financial services, said: "Convenient doesn't always
mean cheap. Many homeowners don't realise taking out buildings
and contents insurance with their mortgage
lender is generally not the best value deal."
There have been some issues with travel
insurance in the past, holidaymakers had been told to purchase
their insurance from an independent broker, as most people really
should buy this insurance from their travel agents.
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