Homeowners paying off mortgages at record rate

In 2010, homeowners paid back over £24bn of their mortgage borrowings, which was the highest amount since records began in 1970. Detailed figures from the Bank of England also showed that £7bn was repaid in the final quarter of 2010, compared to £6.6bn in the third quarter. This means that mortgage repayments have exceeded borrowings for eleven consecutive quarters. This … Continue reading

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Increased reluctance to borrow against houses

Borrowing against the asset of your own house is technically known as housing equity withdrawal. (HEW) According to the Bank of England housing equity withdrawal is new borrowing secured on dwellings that is not invested in the housing market (e.g. not used for house purchase or home improvements), so it represents additional funds available for reinvestment or to finance consumption … Continue reading

Posted by Nigel Tree | Comments Off on Increased reluctance to borrow against houses