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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