UK: GoCompare reveals mortgages remain the most difficult product to switch

According to comparison site GoCompare’s latest Switching Report, mortgages have been rated the most difficult product to switch for the third consecutive year in 2017. In a survey questioning those who had shopped around for financial products or services in the last 12 months, 45% of consumers stated that the switching process for mortgages had been straightforward, a 16% decrease from the previous year. Mortgages have been considered the most difficult product to switch since the FCA introduced tougher lending rules in 2014, with new homebuyers and re-mortgagers facing tougher checks before being accepted for a loan. Meanwhile, products that are the easiest to switch are: home insurance (88%), car insurance (86%) and energy provider (79%).

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