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A cheap mortgage can cushion for unexpected costs

Date: Thu, 25 Aug 2005

Shopping around for a cheap mortgage could allow homeowners to help to meet those unexpected household costs.

A so-called "MoneyMood" survey, conducted by Legal and General, shows that unexpected purchases could add-up to an average of £477 per year and that people should ensure they have enough spare cash set aside in case of emergencies.

"MoneyMood indicates that each household should put by around £500 of emergency money that they can easily get hold of to prepare for just this sort of event," said Julia Clayworth, head of direct investments with Legal & General.

She added: "Clearly the average amount can only act as a guide to saving. Around one in twenty of the households we surveyed experienced unexpected bills of twice that amount."

Therefore more research into obtaining a cheap mortgage offer could help to reduce monthly payments and allow for households to increase their savings.


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