9
Dec
Homeowners advised to switch to lower mortgage payments before
Christmas
People who have bought properties for sale in the UK have been
advised to switch to a better mortgage deal in time for
Christmas.
According to first direct, if homeowners take advantage of cheaper
products at the moment, they will be able to save money on their
December bills.
The financial services provider acknowledged that the festive
period is often a difficult time for families and revealed that
total spending on credit cards during December 2009 was £10.7
billion.
This, it stated, was an increase of £400 million from the
month before.
People were therefore recommended to change their mortgage products
now to save valuable pennies during this expensive period.
Senior mortgage product manager at first direct Richard Tolchard
said: "Homeowners can be enjoying lower monthly mortgage payments
by the time their festive bills need paying."
He was referring to the firm's new two-year tracker product at 1.89
per cent above the base rate, available on mortgages of 65 per cent
loan to value.
This comes after first direct recently revealed that tracker
mortgages have remained more popular with its customers than
fixed-rate ones, as the base rate has been kept low.