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£800 Christmas present for switching mortgage

Date: Fri, 19 Nov 04 Analysis

Mortgage borrowers are being urged to make sure they have the best deal this Christmas, as they could be save £800 a year with an alternative mortgage lender.

Money facts has found that the average family spends around £700 on Christmas each year and HSBC states that a £800 a year mortgage saving is available, should the borrower shop around.

Sian Lehrter, head of mortgages at HSBC, said: "Shops are already full of Christmas decorations, hampers and toys. And for many people the worry about how they will pay for Christmas is also making an appearance."

Ms Lehrter added: "So it's astonishing to think that millions of people are unwittingly giving their mortgage lender the biggest Christmas gift of all - by paying more than £800 over the odds every year for their mortgage."

Money facts found that the average Christmas spend includes £357 on gifts, £170 on food and drink, £45 on new clothes and £19 on Christmas cards and postage.

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