Remortgages Responsible for Record Mortgage Debts
Total mortgage debt hit record levels, attributed to popularity of remortgages
17th January 2004
Levels of mortgage debt reached a record in 2003, with £222bn of borrowing in the first ten months of the year eclipsing the figure for the whole of the previous year.
Market analysts Datamonitor said that remortgages where largely responsible, with homeowners remortgaging their property to either take advantage of lower interest rates or to release equity in their home.
Other findings of the report include a fall in first time buyers, and a trend towards larger debts compared to a borrower's income.
Read More: BBC Report
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