Mortgage debt reduced by £5.8bn - Mortgages, Money - The Independent
Homeowners reduced their outstanding mortgage debt by the lowest level in a year in the first quarter of 2011, figures showed today.
Homeowners paid £5.8 billion off their mortgages, which was down on the record £7.1 billion the previous quarter, according to the Bank of England.
Householders have now been paying down their average mortgage debt for three years in a row.
There has been a shift towards homeowners paying off their mortgages since the financial crisis, whereas previously there was a willingness to take out loans as property prices soared.
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