London ( ask4loan ) December 3, 2007: Borrowers who have fixed rate mortgage deals ending next year are preparing themselves for hefty increases. A research by Lloyds TSB indicates that around seventy per cent of the homeowners who are planning to enter a new deal are likely its preparing for mortgage costs increase.
Millions of UK consumers are preparing themselves for an increase in their mortgage repayment costs in the new year, according to a recent study. Around 70 per cent of homeowners who are planning to agree a new mortgage deal in the next few months are expecting to see their repayment demands rise as a result, research by Lloyds TSB suggests.
In light of the added personal finance pressures that most homeowners are anticipating, two-thirds of those preparing to remortgage will aim to cut back their spending over the Christmas period, the financial services firm reports.
Alison Burns, director of network mortgage sales, Lloyds TSB said: "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."
The number of approved loans for house purchase in the UK was 4,000 lower in October of this year than in the previous month, according to the latest data form the Bank of England.
Shoppers waste 2.3 billion pounds every year on unwanted Christmas presents, and almost a third of them wind up being sold online after the festive season. More than three-quarters of 1,400 adults surveyed for charity World Vision said they waste up to 50 pounds on unwanted gifts every Christmas.
Of the hundreds of thousands of unwanted gifts received each year, 39 percent gather dust in a cupboard and 28 percent are later sold on the Internet. A quarter of the population spends up to 300 pounds on gifts for friends and family each year, the survey shows.
But almost 60 percent who waste money on unwanted Christmas presents said they would rather spend that money on themselves than give it to charity. The research also shows that more than a quarter of people cannot remember what anyone bought them for Christmas last year.
Half of men and 43 percent of women could not even recall what their partners gave them.
World Vision undertook the research to coincide with the launch of its catalogue selling gifts that aim to help people in poverty around the world. They include a mosquito net for 5 pounds and a toilet for 34 pounds.