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Borrowing secured on homes tops £1.2tn, says charity
02/12/10
Edited by Andy Jowett. Borrowing secured against residential property was worth £1,236 billion in October, according to new figures.
Statistics from charity Credit Action show the figure had grown by 0.8 per cent in the previous 12 months.
The organisation said the average household debt at the end of the month including mortgage repayments was £57,624.
For the 11.4 million households with a home loan in place, the typical amount outstanding stood at £108,617.
In related news, a new survey from the Association of Business Recovery Professionals, also known as R3, shows that the proportion of Britons worried about their ability to meet mortgage repayments in 2011 currently stands at 23 per cent.
This is up from 19 per cent in the previous quarter.
R3 president Steven Law said many people appear to be concerned that their monthly instalments will increase when the Bank of England starts to raise the base rate.
It has been pegged at its current record low of 0.5 per cent since March 2009.
