People with fixed rates 'must check options in 2008'

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People who have fixed rate mortgages have been urged by the Building Societies Association (BSA) to talk to their lenders about the options facing them in the new year.

The body stated that 2008 could prove to be difficult to those coming off the products, with big increases expected in their mortgage repayments in the next twelve months.

Adrian Coles, the director-general of the BSA, said that homeowners should also review their financial commitments in order to compensate for any increases which may occur.

"It may not be much fun, but a few hours invested over the holiday period sorting out your mortgage could pay dividends in the new year, and ensure that you will be able to have a happy Christmas in 2008 as well as in 2007," he explained.

The savings manager of advice firm AWD Chase de Vere, Susan Hannums, also recently stated that rising utility bills and the end of fixed rates could make next year tough for many people.

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