9 Dec

Homeowners advised to switch to lower mortgage payments before Christmas

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.ADNFCR-1222-ID-800282821-ADNFCR

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