09 July, 2008

A new study indicates that some people are severely affected by rise in the cost of living. A financial pressure is being experienced by Britons of all ages and background.

Money Expert researchers revealed that the homeowners have greater weekly expenditure that is about 216 pounds and 60 pence as compared to the expenditure done by tenants which is around 133 pounds and 90 pence. It’s better for customers of whatever their homeowner status is, to apply for low cost loan for spending their money on their set financial ambitions.

In accordance with money expert researchers, the tenant pays a major of his resources on utility bills which have an average of 34 pounds and 20 pence every week and other spending include food, recreation and transport. Homeowners also find difficulty to spend major of their revenues on such areas as these costs are a bit higher. Even those with a mortgage spent significant sums on restaurant, clothing and miscellaneous goods. Spending an average of 50 pounds and 30 pence every week is the biggest restriction for homeowner for mortgage repayments. Customers who own their home can face a higher cost of living to meet the various demands for repayments in the areas like loans, credit cards and overdrafts.

Director of Money Expert reported on the figures: “Homeowners are likely to suffer from rise in costs which will affect their standard of living. But tenants are less exposed to the factors like no remortgage, no equity losses, as well as per capita income expenditure is also lower than homeowners. People are realizing the fact that renting is getting cheaper now.”

For more information visit here: www.firstchoiceloan.co.uk