The world of financial products
December 14, 2006
The recent boom in third-party financial brokerages has led to a much larger - and potentially more confusing - outlook for consumers looking for insurance, mortgages, and loans.
The reason for the boom is simple - some percentage of the commissions paid for financial products are being increasingly passed over to consumers. This leads to real savings on purchase.
However, there are also now a much wider choice of financial products available. This is not least due to the much more varied financial status of UK society, which see bad credit scoring and self-certification and lesser evils than not lending at all.
An example is where someone can compare car insurance from providers such as Prudential, Direct Line, Admiral and the AA.
Consumers also have a whole range of building and home insurance available - and this market was recently aggressively attacked to promote Barclays Home Insurance after they offered a £50 rebate to new customers.
It doesn’t end there - high street lenders have became much less conservative and and now offer increasingly flexible mortgage products, offering everything from bad credit, 100%, and self-certified mortgages to buyers.
The loans industry has naturally followed suit - the normal staple product of loans companies, the Personal Loan has now grown into a much wider field of loan products, aimed at all financial circumstances.
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