Holidays more appealing than mortgages for Brits
Published On 17 January 2008
People in the UK spend more time planning a holiday than exploring the options available to them in the mortgage market.That is according to research released today (January 17th) by financial website Fool.co.uk, which showed that Brits don't take enough time to choose the right financial products.
The survey revealed that 36 per cent of people spend over ten hours selecting their holiday, while only 21 per cent would spend the same amount of time deciding on a mortgage.
Commitment was even lower for the researching of personal loans, with only 11 per cent of people questioned willing to spend ten hours or more on this.
Commenting on the findings, David Kuo, head of personal finance at Fool.co.uk, said: "While a good holiday will recharge your energy levels for a few weeks, healthy finances can boost your bank balance for a lifetime."
Participants cited boredom and confusion as the top reasons for not spending enough time choosing financial products.
In related news, the Bank of England is expected to reduce interest rates by 0.25 per cent next month, which would be good news for mortgage customers.
