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Borrowers pay back more of their mortgages

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by Kay Mitchell
Borrowers pay back more of their mortgages

Homeowners appear to be taking advantage of low interest rates after Bank of England figures showed borrowers paid a record £24 billion last year.

According to the Bank, homeowners paid back more than £24 billion to lenders last year - the highest since records began in 1970.

Meanwhile, £7 billion was paid back in the final quarter of last year - also a record amount during any quarter.

According to Howard Archer, chief UK and European economist at IHS Global Insight: “Extremely low savings rates have made it much more attractive for many people to use any spare funds that they have to reduce their mortgages.”

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News posted: April 4, 2011

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