Make most of mortgage savings, Lloyds advises
Lloyds TSB has advised homeowners to take advantage of the Bank of England's interest rate cut by making the most of their mortgage savings.The company's marketing director of mortgages, Stephen Noakes, explained that the cut meant many people on a tracker rate or SVMR will soon have more cash spare, "and in today's economic climate it's essential to make the most of these new found savings".He continued: "We would encourage homeowners to use this opportunity to reassess their financial situation and take action by addressing outstanding debts, protecting the equity in their home or growing a nest egg."The company suggests dealing with debt such as credit cards first, with those with the highest APR given preference.It also suggests creating a standing order which will put the additional money into a savings account.Lloyds also recommends using the extra cash to make mortgage overpayments and reducing the size of the loan.
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