Failing to shop around for a mortgage can cost £3k a year

BRITONS spend more time shopping around for a holiday or a new car than a mortgage, according to a survey.

And one in four accept their first offer of a mortgage, which could easily cost them an extra £3,000 a year.

Consumers typically spend five days searching for a holiday and six picking their car, but only 3.6 days on choosing a mortgage.

As a result, one in six are now stuck with a home loan that they are not happy with.

The difference in rates on two-year fixed deals offered by high street banks varies from 1.84 to 4.22 per cent, resulting in some £200,000 mortgages costing £3,000 a year more.

Jacqueline Dewey, of credit report provider Noddle.co.uk, which carried out the survey, said: ‘It really does pay to do your research. Rates vary, so