Borrowers pay record £7bn off their mortgages in last three months | Mail Online
Mortgages were paid down at a record rate in the final quarter of last year, figures revealed today, as homeowners moved to improve their personal balance sheets.
Borrowers reduced their outstanding mortgage debt by £7 billion during the three months to the end of December, the Bank of England said.
It was the 11th consecutive quarter during which the amount of money people unlocked from their homes was negative and the highest net injection of housing equity since records began in 1970.
The recent trend among homeowners to pay down their mortgages contrasts with their behaviour during the housing boom.
Homeowners have now collectively injected £57.4 billion into their housing equity since the trend began in the second quarter of 2008.
The rate at which people are reducing their mortgages accelerated for the fourth quarter in a row during the three months to the end of December, with the latest figure up on the £6.6 billion injected in the third quarter of the year.
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