Tuesday, 5 July 2011

£5.8 billion reduction in mortgage debts.

In figures released yesterday, statistics have shown that in the first quarter of 2011, homeowners have managed to reduce their mortgage debt to the lowest level in a year.

According to the Bank of England, last year's record of £7.1 billion in the quarter prior to this one, has been greatly reduced with homeowners having paid off £5.8 billion of their mortgages this quarter.

Household owners for the past three consecutive years have been paying down their mortgage debt.

Where as previously in more prosperous economic times, people were more inclined to take out loans and mortgages when property prices were rapidly rising, there is now a tendency for people to be set on paying off their outstanding mortgages since the recession hit. 

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