New Mortgage Guides

Other Mortgage Guides

Mortgage Types

Mortgage Tools

Remortgagers make cut-backs

Mon, 03 Dec 2007

A significant number of people who are set to remortgage will be looking to make cut-backs this Christmas to help meet their higher borrowing costs, it has been claimed.

With 72 per cent of remortgagers predicting their repayments will rise when their existing deal comes to an end, Lloyds TSB Mortgages reported that 64 per cent anticipate reducing their spending during the festive period.

Alison Burns, director of networking mortgage sales at the firm, said that cutting back may provide a "short-term solution", but mortgage holders ought to take a "longer-term view" of their finances .

"Some consumers may prefer a stepped rate deal that allows them to ease into the new higher interest rate environment," she commented.

Others may want to consider a tracker mortgage product that will enable them to capitalise upon future drops in interest rates, she added.

In related news, Halifax recently noted that the average Christmas shopper spends approximately £384 on gifts .
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

Mortgage lenders

Browse mortgage lender offersMortgage Rates by Lender

  • Browse current mortgage offers from over 90 lenders.
Browse

Worried about mortgage repayments?Worried about Mortgage Repayments?

  • Join our petition to Government to bail out burdened individuals, not just banks.
Sign the petition

Free mortgage quoteFree Mortgage Quote

Apply Here

Mortgages in Scotland Mortgages in Scotland

Read More

Equity releaseEquity Release

  • Unlock equity in your home.
Apply Here

Switching mortgagesSwitching Mortgages

Read More

Home reversion plansHome Reversion Plans

Apply Here

Commercial mortgages Commercial Mortgages

  • Commercial property loans
  • Starting a business?
Apply Here

Arrears & CCJs?

  • Remortgages
  • Sub prime mortgages
  • Arrears, CCJs
  • Self certification
  • Debt consolidation
Apply Now

Protect your mortgageProtect Your Mortgage

  • 3 months free mortgage protection cover
Apply Now

Mortgage Newsletter