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Total Of Uk Mortgage Interest Payments


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http://www.mydebtlifeline.co.uk/article_uk_personal_debt.html

Total UK personal debt at the end of December 2007 stood at £1,409bn. The growth rate increased to 9.3% for the previous 12 months which equates to an increase of ~ £120bn.

Total secured lending on homes at the end of December 2007 stood at £1,185bn. This has increased 10.0% in the last 12 months.

Total consumer credit lending to individuals in December 2007 was £224bn. This has increased 5.7% in the last 12 months.

Total lending in December 2007 grew by £9.1bn. Secured lending grew by £8.6bn in the month. Consumer credit lending grew by £0.6bn.

Average household debt in the UK is ~ £8,985 (excluding mortgages). This figure increases to £20,895 if the average is based on the number of households who actually have some form of unsecured loan.

Average household debt in the UK is ~ £56,588 (including mortgages).

Average owed by every UK adult is ~ £29,684 (including mortgages). This grew by ~ £185 last month.

Average outstanding mortgage for the 11.8m households who currently have mortgages exceeded £100,000 for the first time and now stands at ~ £100,451.

Two fifths of mortgagors have secured debts of over £90,000, up from one fifth in 2004.

Britain's interest repayments have soared to a record £94.6bn in the last 12months which is an annual increase of 15.10%. The average interest paid by each household on their total debt is approximately £3,800 each year which has increased £500 in the last 12 months.

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,713 per average UK adult at the end of December 2007.

Britain's personal debt is increasing by ~ £1 million every 5 minutes.

Today in the UK:

* Consumers will borrow an additional £327m today

* Consumers will pay £259m in interest today

* The average household debt will increase by over £13.15 today

* 77 properties will be repossessed today

* 305 people today will be declared insolvent or bankrupt

* 2,750 County Court Judgements (CCJs) issued

* Bank and building societies will hand out £1bn in mortgages today

* Citizen Advice Bureaus will deal with 6,600 debt problems today

* The average car will cost £15.42 to run today

* More than 7,716 loan repayments are going unpaid every day

* The average home will cost £30 today to run

* Raising a child to the age of 21 will now set you back £23.50 daily

* £526m will be withdrawn from cash machines today.

* 24.5m transactions worth £1.4bn will be spent on plastic cards today

* 1/3rd of all groceries we buy today will end up in the dustbin.

Servicing Debt:

According to uSwitch Britain is suffering from a bad case of affluenza – “we are caught in the grip of a spiral of conspicuous consumption where it’s no longer enough to keep up with the Joneses, but instead we want to live like our favourite celebrities”. 4.8m adults spend more than they earn and 9m adults just break even at the end of every month.

A quick search revealed this. Not up to date figures though.

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For consumers, total repayments (interest plus principal) are around £8bn per month across 12 million mortgages - an average of £670 or so per month for mortgaged households. Was around £1000 per month at the start of 08. Soon to go back there in my opinion. Most of the above stats have not changed. The 1/5th to 2/5th over £100k has increased.

Edited by fallingbuzzard
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