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Alliance & Leicester urges consumers to shop around

UK lender Alliance & Leicester claims that although Britons are more adventurous in trying something new when they go to a restaurant or pub, when it comes to their financial services provider few are willing to switch.

Over eight in ten (85%) of people say that they vary what they eat when they dine out, yet only 15% regularly search for the best deals when it comes to their finances. Flexible financial products aren’t on the top of the agenda either. A quarter of people (27%) like their payments to be fixed every month and a third (36%) aren’t even aware that financial products can be flexible.

Stephen Leonard, director of mortgages at Alliance & Leicester said: Our research suggests that whilst people are adventurous in their day-to-day lives, it is interesting that this doesn’t follow through to their finances – this could ultimately mean they are losing out on the savings that could be made by shopping around for the best deals.

Mr Leonard added: It is important that consumers consider the advantages of flexible financial products, as they could also be missing out on additional benefits such as payment holidays and overpayments on their mortgage which can greatly aid and enhance their financial planning.