Mortgages and bills ‘number one priority for Brits’

Paying off loans and increasing energy costs are the number one priorities for Brits in the wake of the credit crunch, according to new research.

A study by Abbey Mortgages has found that 41 per cent of respondents consider paying monthly bills as their prime concern.

Only nine per cent cited saving for the future as their main worry and just 13 per cent said maintaining a decent work/life balance took precedence.

The survey also showed that 3.7 million homeowners stated paying off their mortgage was their first priority.

In addition, 12 per cent were planning to make an overpayment on their mortgage in the next six months to help them with debt management.

Director Phil Cliff remarked: “Brits would rather put money into their home and ensure they can pay their monthly energy and mortgage bills, rather than spend on extravagant holidays or expensive cars.”

Meanwhile, the Association of Finance Brokers has called for a consultation on the regulation of secured loans, which are taken out after a first mortgage.

By Jamie Price