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Homeowners 'cut back on Christmas spending'

Two out of three (64 per cent) remortgagers will cut back on spending over the festive season to ease the pressure of increased mortgage repayments, according to new research.

Figures produced by Lloyds TSB Mortgages reveal that this reduction of expenditure comes in anticipation of rises in monthly mortgage repayments, with 71 per cent of remortagers expecting to see such an increase.

Restricting Christmas spending was found to be the most popular choice for homeowners looking to find additional cash. One in six (18 per cent), however, plan to take the more drastic measure of getting an extra part-time job to help meet rising costs.

Commenting on the results, Alison Burns, director of network mortgage sales at Lloyds TSB, stated: "Cutting back on festive spending offers a short term solution but it's a good idea for people with mortgages to take a longer term view of their financial situation to ensure their mortgage is suited to their specific needs and changing circumstances."

This week, Citizens Advice has advised consumers in the UK to adopt a careful approach to this year's Christmas shopping in order to avoid financial strife.

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© Adfero Ltd

03/12/2007 17:01:11

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