- Thursday, 8 October 2009Increasing numbers of people could be seeking
individual voluntary agreement (IVA) advice in the near future after more money was put into housing equity.
Bank of England figures revealed recently that Brits pumped £7 billion of equity into their properties between April and June, with such a large outgoing giving rise to the possibility of debt problems later on.
The Times reports that this was the fifth consecutive quarter where property owners have paid down mortgage debt as opposed to borrowing additional monies against the value of their home.
Chief UK economist at consultancy IHS Global Insight explained that low savings rates have made it more appealing for people to use their funds to reduce mortgages.
"Substantially reduced house prices compared to their 2007 peak levels have made housing equity withdrawal increasingly unattractive, while very tight credit conditions have made it more difficult to carry out the process," he commented.
Recent findings from Moneysupermarket.com revealed that over half (51 per cent) of Brits aged 50 and over hold non-mortgage debt.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960