Mortgages eat up Brits' salaries

09 December 2005
A third of Brits spend over 30 per cent of their salary on mortgage repayments, a new survey has found.

Research conducted by financial website revealed the spending behaviour of the average British consumer. also found over 60 per cent of Brits are tempted to spend by being given credit limits on their credit cards which were higher than expected or requested.

The financial information website was keen to remind Brits that no matter how good deals seem, they still have to keep up with repayments.

The website's editor, Emma Butler, said: "With mortgage rates at the low levels they are at the moment, it is easy for consumers to borrow large amounts.

"However, it is the responsibility of consumers and lenders to ensure that they are aware of the consequences if mortgage rates increase."

Despite the 'bad' news that the survey yielded, three-quarters of Brits manage to save over £100 a month, says Ms Butler.

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