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Reluctance to change lenders hits consumers

The majority of British homeowners display apathy when reassessing their personal finances, according to a study by Yorkshire Building Society.

Nearly half of homeowners, 47 per cent, admit they could save money on their mortgage with a deal elsewhere but feel safer staying where they are.

Underlining the apathy felt by most consumers towards finance, the survey found that more than half of respondents, 54 per cent, have banked with the same bank all their life.

Yorkshire found 43 per cent will automatically stay with their existing bank when looking for a new savings account, loan or credit card rather than look elsewhere.

Around 55 per cent say they do not even feel comfortable changing their credit card to a company offering lower interest. But 28 per cent say they are always on the look out for a lower mortgage or savings rate.

As an answer to this apathy Yorkshire suggests consumers should consider a current account mortgage as a way of matching people&#39s finances with more flexible lifestyles.

General manager of business development John Wright says: “Despite chopping and changing as our circumstances and needs alter to make the most of our personal lives, this study shows that many of us do not approach finances in the same way, failing to reassess options to make sure that mortgages, savings accounts, loans or credit cards continue to best meet our financial requirements.”

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