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4 July 2011

Homeowners continue to pay down mortgage debt

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by Gill Montia

Homeowners continue to pay down mortgage debt

Homeowners continued to pay down mortgage debit in the first quarter of the year, Bank of England figures show.

Borrowers gained a collective £5.8 billion of equity in their homes, compared with a record-breaking £7.1 billion in the final quarter of 2010.

In other mortgage news, rates have fallen to a 23-year low, according to research from Moneyfacts.co.uk, with the cost of both fixed and tracker-rate loans at their lowest since 1988.

Currently, the average two-year fixed-rate deal comes at a rate of 4.32%, rising to 4.92% for a three-year fix.

However, lenders approved only 45,940 house purchase mortgages in May, with the total falling just short of the previous six-month average of 45,957.


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