Sunday, Jul 15, 2007
Homeowners withdraw £49.7 billion
1mortgagesuk: Homeowners withdraw £49.7 billion
Figures show that the amount of borrowing against the value of their property is rising, with the mortgage equity withdrawal totalling £49.7 billion in 2006. This figure is up from £36.6 billion in 2005.
Posted by mani @ 01:54 PM (191 views) Add Comment
4 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. dobber said...
'Many economists suggested that this rising mortgage equity withdrawal rate would increase consumer spending on the high street. However from figures on retail sales this does not seam to be the case. It appears that more people are using the extra funds to pay off other debts such as credit cards, bank over drafts and other unsecured debts'.
Oh dear what ever happened to the consumer economy.
Rrrrrrrcession?
2. george monsoon said...
I can't remember how many noughts are after the 1 to say 1 billion. is it a thousand million, or a million million?
3. George Monsoon said...
That works out at 764 pounds for every man woman and child in the british isles.. now thats a fair chunk of cash.
4. tyrellcorporation said...
The lenders must love this. People are kindly paying off their unsecured loans with secured ones. Lenderrs have been really sneaky over the last 2 years and have been promoting these schemes whereby you 'roll up' all your credit card debt and pay for it with a mortgage extension. Thereby ensuring the bank gets your house if you get into trouble - as opposed to sweet FA if you take out an IVA.
Brilliant!