Mortgage equity withdrawal slows

Mortgage equity withdrawal slows

Thursday, July 08, 2004

The Bank of England says that the amount of money people have borrowed against the value of their homes has fallen this quarter.

The Bank said that some £15.8 billion was borrowed using equity release during the first quarter of 2004. This was down against the £17.4 billion in the last quarter of 2003 but still substantially up on the same quarter of last year.

£million
2003 Q1	2003 Q2	2003 Q3	2003 Q4	2004 Q1
12,731	12,292	14,523	17,447	15,764

With previously low interest rates, mortgage equity release has become a popular way for homeowners to borrow against the increasing value of their homes but as interest rates rise there has been concern that people will build up dept they are unable to repay.

The fall off in equity release will likely be taken as a sure sign the Bank’s concern over debt levels as interest rates rise is being taken to heart by homeowners.

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