Mortgage equity withdrawal falls

The amount of money people borrow against the value of their homes to boost their incomes, has fallen again.

The Bank of England says that in the third quarter of last year, mortgage equity withdrawal (MEW) was £8.3 bn, down from £10 bn in the second quarter.

The figures indicate that the downward trend in borrowing against house values – first seen in 2004 in response to rising interest rates – has resumed.

UK homeowners have now borrowed £207bn this way since the start of 2000.

However, the slowdown in the last two years has been dramatic.

BBC NEWS | Business | Mortgage equity withdrawal falls


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