Squeeze hitting middle-class mortgages ...while wealthy carry on spending | Business
Fresh signs of the painful squeeze on middle-class finances emerged today as runaway inflation bit into homeowners' efforts to clear their mortgage debt.
Bank of England figures revealed mortgage borrowers paying back £5.8 billion to lenders during the first quarter of 2011, well below the record £7.1 billion in mortgage debt paid back during the previous quarter.
The data come in the wake of official figures showing the biggest fall in disposable incomes since 1977 in the first three months of 2011 as budgets felt the squeeze of record petrol prices and rising VAT.
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