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Consumers 'need better understanding of financial products'
People across the UK need to take more notice of the deals they agree over financial products such as loans and mortgages, it has been claimed.
Ray Boulger, senior technical manager at mortgage adviser John Charcol, has stated that the more notice consumers take of various products, the more likely it is they will know when they should switch to another deal.
He made the comments after research by the Post Office revealed that an estimated three million borrowers in the UK do not know the interest rate they are paying on mortgages.
The expert suggested that people tend to know their rates initially, but lose sight as soon as they change.
He added: "They are not overly interested in the mortgage; what they are interested in is buying their house and the mortgage is something they have to have to buy the house."
Recent figures published by the Council of Mortgage Lenders revealed hat gross mortgage lending declined to an estimated £9.1 billion in January 2010.