The financial press has recently been flooded with stories of no ordinary complaint, but a super-complaint.
The Citizen’s Advice Bureau has filed a 76-page document with the Competition and Markets Authority which indicates that 80% of customers pay a ‘loyalty penalty’ when purchasing financial products including mortgages, mobile, broadband, home insurance and savings.*
To many of us, this will feel absolutely correct. Many of us have been frustrated when we’ve queried an end-of-term renewal only to find that our phone call reduces the premiums significantly. And furthermore, the premiums might be even less if we were a new customer!
The complaint suggests that the average ‘loyalty penalty’ per household is £877. A significant sum!
It would seem that loyalty doesn’t pay – and this may be true in many instances, but not when it comes to using an impartial mortgage broker. Products and services change all the time, and because an impartial mortgage broker isn’t employed by a lender, we have no choice but to search out the very latest deals that lenders have to offer. And of course, we always search for the best possible deal for clients that meet their current situation.
This super-complaint will result in a close examination of the financial services sector. And quite rightly so. But for today, here at Mortgage Search Go, we can assure you that loyalty does pay. You just have to know where to look.
Start by talking to us on 0844 69 333 60
Your property may be at risk if you don’t keep up repayments on your mortgage.