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Treat yourself to a cheap mortgage

Date: Mon, 06 Mar 2006

A cheap mortgage could be one way of ensuring that homeowners will have more left over to cover those non-essential luxuries.

A study from CreditExpert.co.uk, the online service provided by Experian, shows that the average person spends an average of £1,222 on "daily treats" every year – totalling an average of £57,434 over a lifetime.

Cutting out spending on items such as coffee-shop drinks, taxis and lunchtime snacks could reduce the average mortgage by eight and a half years. However, shopping around for the most competitive cheap mortgage could help cover the cost of an occasional treat.

Jim Hodgkins, managing director CreditExpert.co.uk added: "Our research highlights that the little decisions we make everyday, such as whether to buy a coffee or a small treat, can soon add up.

"In the long term, they will make a real difference, one way or the other, to how quickly we own our homes or, how much we'll have in retirement."


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