Britons use equity to pay off debt
www.moneynews.co.uk > Mortgages > Britons use equity to pay off debt
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Money News |
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Britons use equity to pay off debt
Thu 21st Jun 2007
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The group's figures indicate that the average re-mortgage was £122,541 in May, an increase of over seven per cent compared to the year previously, despite four base rate increases having been implemnted since August 2006.
Robin Amlot, senior editor of Moneyextra.com, said that "disappointing" retail figures in recent times indicated that Britons are using their money to reduce debt.
"It seems many people are opting to switch expensive credit card debt and overdrafts into long-term low interest rate mortgage debt," he said.
"Of course, this does mean they could be paying far more interest in the long run but it is one way of reducing immediate monthly outgoings."
Figures from Moneyextra indicate that the average value of mortgages increased significantly in May, to £166,732.
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