Re-mortgagers 'reducing Christmas costs to pay house costs'

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Re-mortgagers in the UK have decided to cut down on the amount they are spending at Christmas in order to pay off costs on their home, according to new research.

The study by Lloyds TSB found 64 per cent of re-mortgagers are planning to cut back, while 71 per cent are expecting their monthly repayments to increase when their current deals expire.

Commenting on the findings, Lloyds TSB's director of network mortgage sales, Alison Burns, said that cutting back on festive spending offers a "short term solution", but it is a good idea for people with mortgages to take a long-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. Other homeowners might opt for a tracker product, which will enable them to benefit from any potential drops in interest rates."

Lloyds TSB offers a range of financial services to customers across Britain, including mortgages, pensions and accounts.

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