Mortgage Industry News

← Back

Cheap mortgage could cover spending

Date: Tue, 06 Jun 2006

Shopping around for the best cheap mortgage deal could help to offset the growing amount households are spending on home improvements.

New research by Capital One Homeowner Loans reveals that Brits are planning to spend an average of £5,478 on their homes over the next 12 months. In addition, 1.8 million homeowners are planning to spend over £10,000 on major property renovations.

In total, the study discovered that 21.3 million people are set to spend around £116.9 billion on their homes in the next year as they try to keep up with neighbours or avoid moving.

However, seeking out a more competitive cheap mortgage deal could free up more cash to spend on making crucial household repairs or improvements.

"With stamp duty and the uncertainty over rising interest rates, it’s understandable that so many people are looking to improve their existing home instead of moving," said Justin Basini of Capital One Homeowner Loans.

"Much of this expenditure will be financed through credit, so it’s important that people shop around for competitive rates," added Mr Basini.


© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.