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    Two-thirds of people having to remortgage following the end of their fixed-rate deals plan to cut back on their Christmas spending in order to meet the cost, new research has revealed.

    Lloyds TSB conducted research which found seven out of ten remortgagers believe their monthly repayments are set to rise when their deal ends and cutting down on the cost of Christmas was a popular tactic for saving money.

    Alison Burns, director of network mortgage sales at Lloyds TSB, said: "Cutting back on festive spending offers a short-term solution but it’s a good idea for people with mortgages to take a longer-term view of their financial situation."

    Many experts have recently speculated that those with sub-prime mortgages face being unable to refinance their homes and so being hit with extremely high borrowing costs from their existing lender once their fixed-rate deal ends.

    Debtors facing repossession if they are unable to meet higher mortgage costs because of other repayments could consider an individual voluntary arrangement (IVA).

    The government created IVAs to provide an alternative to bankruptcy and they allow debtors to make affordable monthly repayments to their creditors and retain key assets such as their home.

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