Homeowners remortgage to fund lifestyles
News at Best UK Mortgages
21/06/2007 - Billions used to fund holidays, debts and cars
The cost of living has meant that an increasing amount of homeowners are using the equity in their property to fund a lifestyle they would not other wise afford. The cost of refinancing in the UK last year was estimated at £50 billion, up £12 billion on the figure for 2000. A Government survey of English housing in 2006 said that one in twenty homeowners took out equity from their property during 2006 at an average of £33,000 each, half of remortgages were taken out to fund home improvements with the other half being spent on luxury cars, holidays and to pay off existing debts. The Bank of England figures indicate that the amount of equity we are taking out as a proportion of our income is increasing to 5.4 per cent from 3 per cent at the end of 2004.
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