Borrowers 'could' save by changing insurance provider

15-May-2007

Mortgage holders – which may include recent first time home buyers – could save funds by not using their lender's own insurance products, it has been claimed.

According to research by the Post Office, a total of £40 million could be lost each year by more than eight million individuals, which may interest would-be first time home buyers looking to budget.

"Convenient doesn't always mean cheap," said Phil Ashkuri, head of insurance at Post Office Financial Services.

"Many homeowners don't realise taking out buildings and contents insurance with their mortgage lender is generally not the best value deal," he added.

Indeed, 63 per cent of respondents confirmed their choice of insurance provider was based upon convenience, while ten per cent believed it to be a requirement to buy products from their mortgage provider.

Post Office Financial Services offers a range of financial products, including credit cards and personal loans.

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