A report by Bradford &Bingley has claimed that the average Briton will spend £615 on festivities this year, but finding a cheaper mortgage can help reduce the financial blow.
This is almost three times more than the average Briton is planning to spend over the course of the festive season. Research by the bank found that borrowers could save a considerable £1,800 a year by shopping around for a more competitive deal.
Duncan Pownall, mortgage development manager for Bradford &Bingley said, "Moving from your lender’s standard variable rate onto a competitive deal is advisable at any time, provided any early repayment charges do not make it uneconomic to do so.
"However, around Christmas time, with all the associated expenses, it makes perfect sense. That way you really can have a happy new year without the usual financial headache.
"These cash backs are great for borrowers whether they want to use the money to help pay for the Christmas excess, save it or put it towards home improvements."
The mortgage provider says switching to an offset mortgage could more than pay for any festive overspending.
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