According to a Bank of England report, homeowners in the UK are paying off mortgage debt at the quickest rate since records started forty years ago. Crashing house prices and the credit crunch mean that equity withdrawal are a thing of the past, and the British are focused firmly on repaying their debts .
Many homeowners in the UK increased their cashflow by remortgaging, but this market has slowed considerably. In contrast, the BoE have reported a multi-billion injection of equity .
The data indicated a slowdown in consumer spending, with households fearful of increasing the size of their mortgage loans . One mortgage market expert, Andrew Montlake of Cobalt Capital, was reported as commenting: "Not so long ago an Englishman's home wasn't just his castle, it was his cash machine too. This is no longer the case. People are scared stiff of recession and rising unemployment and are now paying down their debts rather than adding to them. In this market, it pays to travel light. Of course, many people can't take money out of their home even if they want to - any equity they had has either been wiped out altogether or seriously eroded by falling house prices. And even if they have got some equity left, there's no guarantee they'll be able to access it anyway given the stringent criteria lenders have now adopted."
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