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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 .

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