Homeowners pay down loans

Saturday 02 October 2010 00:00
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Homeowners accelerated the rate at which they are paying down their mortgages during the second quarter, Bank of England figures showed yesterday. Borrowers reduced their outstanding mortgage debt by £6.19bn during the three months to the end of June – the ninth consecutive quarter to have seen a net injection of equity.

But this could prove to be bad news for the economy. The figures show that households spent the equivalent of 2.5 per cent of their post-tax income on reducing their mortgages. Economists gave warning that this is likely to weigh on consumer spending.

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