HSBC has pointed out that while the average family spends £700 on Christmas, people could save £800 by shopping around and switching mortgage.
"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," said Sian Lehrter, head of mortgages at HSBC.
She 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."
The average Christmas costs £357 in gifts, £170 in food and drink, £45 on new clothes and £19 on Christmas cards and postage.To find out about remortgaging, click here.
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