Paying the bills tops list of priorities for crunch-conscious Brits

Paying the monthly mortgage and rising fuel bills have overtaken saving for the future and work/life balance as the number one priority for "crunch-conscious" Brits, according to research from Abbey Mortgages.

When asked what they considered their single most important priority, 41 per cent of Brits responded that paying their monthly bills had become their main concern, ahead of work/life balance (13 per cent), having a nice home to live in (11 per cent) and saving for the future (9 per cent).

Over one in five Brits (23 per cent) stated that their home had become more of a priority to them now than it was two years ago, and a further 3.7 million homeowners - 21 per cent of mortgagors - stated that their number one concern was now paying off their mortgage.

Abbey Mortgage's research demonstrates that we have become much more focused in the last two years on our property and mortgages, as 8.3 million homeowners - 18 per cent of UK adults - stated that if they were to receive a windfall of £10,000, the first thing they would do would be to make an overpayment on their mortgage.

In fact, Abbey Mortgage's research reveals that more than one in 10 mortgage-holders (12 per cent) is actually planning to make an overpayment on their mortgage over the next six months - whether they receive a windfall or not.

Thirty three per cent of Brits stated that they would place a £10,000 windfall into a savings account, and just 15 per cent said that they would spend it on a holiday. A further 7 per cent stated that they would invest the money in the stock market and four per cent said they would give the money to family and friends.

The results of Abbey Mortgage's research reveals that Brits would much rather put money into their home than spend it on holidays or cars. With inflation and the cost of living on the increase, just five per cent of Brits felt that going on holiday was important to them and just two per cent were concerned about being able to buy a car.

Women in particular seem most concerned about paying the bills, with 46 per cent listing this as their number one priority compared with just 34 per cent of men.

Phil Cliff, Director of Abbey Mortgages, said: "Concerns about the economy are definitely being reflected in the UK's spending habits as Brits would rather put money into their home and ensure they can pay their monthly energy and mortgage bills, rather than spend on extravagant holidays or expensive cars."

Abbey has recently reduced the rates on it's 85 per cent loan to value mortgages as it looks to provide a range of competitive deals for all customers - whether they have a small or large deposit. We have also removed the £150 booking fee - removing the upfront element of the fee, customers can choose to pay little or nothing upfront if they wish.

For more information on Abbey's mortgages, visit abbey.com