Lloyds TSB Mortgages: Purse strings tightened at Christmas
www.moneynews.co.uk > General finance > Lloyds TSB Mortgages: Purse strings tightened at Christmas
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Lloyds TSB Mortgages: Purse strings tightened at Christmas
Mon 3rd Dec 2007
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According to research from Lloyds TSB Mortgages, almost two thirds of re-mortgagers (64 per cent) plan to reduce spending this Christmas to meet increased mortgage repayments, as 71 per cent of those due to re-mortgage before the end of the year predict that they will see a rise in monthly repayments.
The Lloyds TSB Mortgages poll of more than 1,000 homeowners indicates that increased home loan costs will have an effect on festive consumer spending and more than three-quarters of under-25s quizzed said that they were tightening the purse strings this Christmas.
Alison Burns, Lloyds TSB director of network mortgage sales, explained: "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."
Homeowners are also planning other ways to raise the extra cash needed to make mortgage re-payments once their current deal expires, including taking on extra jobs, reducing their household bills, cutting food expenditure, putting travel plans on hold and delaying planned home improvements.
British consumers will spend £53 billion over the 2007 Christmas period, figures from UK payments associations Apacs indicate. Almost two thirds (64.3 per cent) of consumer spending this festive season is expected to be on plastic.
Related News : General finance |
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Related News : LloydsTSB |
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