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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 11:37 AM
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Homeowners repay mortgages at record rate - UK
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Source: Guardian

Britain's nervous homeowners paid down a record 9bn on their mortgages between April and June as they struggled to restore their tattered finances.

Figures released by the Bank of England on Wednesday show that a record 9.1bn was paid back in the second quarter of this year alone the largest figure ever, amounting to 3.5% of consumers' post-tax income.

During the boom years, by contrast, mortgage equity withdrawal peaked at 5.6% of post-tax income, in late 2006.

When house prices were rising rapidly, mortgage equity withdrawal boosted consumer spending as homeowners extended the mortgages on their existing property and spent the proceeds.

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