Monday, Dec 15, 2008
Secured debt relating to BTL mortgages grew from under 2% in 2000 to over 10% this year
mortgagestrategy: Debt spirals in midst of financial crisis
Around 40% of home owners owe more than £90,000 in secured debt, reveals a survey carried out for the Bank of England. NMG Research carried out a survey of nearly 2,500 households on behalf of the BoE looking at the financial position of British households.
It found that the number of home owners who owed more than £90,000 in secured debt has risen 35% since the mid-1990s.The survey also recorded a further 15% of home owners owed over £150,000 in secured debt.The total amount of debt owed by UK households reached almost £1.6trillion by Q2 2008, which works out at £60,000 per household.
Posted by jack c @ 12:10 PM (192 views) Add Comment
- 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
No comments have been submitted.
Be the first person to add your comment by completing the form below.