The majority of British homeowners expect to face increased mortgage repayment demands when their current home loan deal expires, according to recent research.
In fact, figures compiled by Lloyds TSB suggest that more than 70 per cent of homeowners in the UK anticipate having a greater debt management burden after the next time they remortgage.
Furthermore, almost two-thirds of all those preparing to remortgage are also planning to spend less this Christmas in an effort to avoid worsening their debt management problems in the new year.
Alison Burns, director of network mortgage sales at 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 Consumer Credit Counselling Service forecast earlier this year that millions of British homeowners would be struggling financially throughout 2007.