Mortgages being repaid at record levels
Borrowers paid a record £9.1 billion off their mortgages during the second quarter of the year, according to the latest figures from the Bank of England.
More homeowners have been paying down their mortgages, rather than drawing out money against the value of their property.
The £9.1 billion figure for the three months between April and June 2011 is the highest amount paid down by borrowers since records began in 1970.
During the second quarter of this year, borrowers spent 3.5% of their take-home salary on paying off mortgage debt, compared with 3.1% a year earlier.
2 December 2011
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