Mortgage borrowers focus on debt reduction

Posted: January 15th, 2010

UK home owners cut £4.9bn from their mortgages between July and September of this year, according to figures from the Bank of England.

The report revealed that for the sixth consecutive quarter, home owners have injected equity into their properties.

In the decade leading up to the recession, mortgage borrowers tended to use housing equity to fund consumer spending. Industry analysts fear that the recent sustained focus on debt reduction will be detrimental to economic recovery.

Recent figures also show that the proportion of UK income taken up by saving or paying off debts rose to an 11-year high between July and September of this year.

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This entry was posted on Friday, January 15th, 2010 at 6:23 pm and is filed under Bridging Finance . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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