RSS FeedsHolidays takes pole position over Mortgages
18/12/2007
According to recent mortgage research Britons are spending double the amount of time on preparation and planning on their next holiday in comparison to how long they spend on their mortgage.
With the amount of actual money that can be saved by those looking for their next mortgage brings to surface some important issues that Brits need to start considering. Statistics shows that in the next 12 months approximately half a million people will be faced with the either changing their mortgage or finding another product from their current mortgage provider. The research clearly highlights that Brits would rather spend more time looking out they are in fact going to spend their money than look to making some serious savings on their mortgage.
The results were concluded from a study that involved around two thousand adults who questioned about the time spent on researching mortgages and holidays. The surprising outcome revealed that around ten hours were spent by a third of the people to research their next holiday destination, adversely only a fifth of the adults would spend the equivalent amount time for the next mortgage.
It seems as though the feel good factor of buying a holiday or spending on other products such as gadgets and shoes took precedence over mortgages.
Head of personal finance, David Kuo of Fool.co.uk said “: "Who can blame people for wanting to spend more time planning their holiday than pouring over financial products? But while a good holiday will recharge your energy levels for a few weeks, healthy finances can boost your bank balance for a lifetime.
He further added "By taking a bit more time considering such things as your mortgage, you could save up to £3,000 in one year to pay for the dream vacation you've yearned for but never quite been able to afford."