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Mortgages are top priority
16 September 2008
Finding the best mortgage deals has overtaken saving for the future and work/life balance as the number one priority for Brits during the current economic climate, according to a new study.
Research by Abbey revealed that 41 per cent of Brits said that paying their monthly bills had become their main concern, while over one in five Brits (23 per cent) stated that their home had become more of a priority than it was two years ago.
Phil Cliff, director of Abbey Mortgages, said: "Concerns about the economy are definitely being reflected in the UK's spending habits as Brits would rather put money into their home and ensure they can pay their monthly energy and mortgage bills, rather than spend on extravagant holidays or expensive cars."
Abbey found that 18 per cent of UK adults said that if they were to receive a windfall of £10,000, they would make an overpayment on their mortgage, while 12 per cent said they will make an overpayment on their mortgage regardless.
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