UK Households Paying Off Mortgages in Record Time

British households are paying off their mortgages at a record pace, cutting their debt by £13bn in the first quarter of 2015 alone, according to figures from the Bank of England. In an extraordinary reversal to the years running up to the financial crash, when households used their homes as cash machines to finance extensions, new cars and holidays, Britain’s mortgage holders are now paying their debt down. The first quarter of 2015 marked the 28th successive quarter of net injection of equity into houses, taking the total to £313bn since June 2008.  The latest figures have surprised economists as they show an acceleration in repayments – called “net housing equity injection” – despite the improvement in the economy. Read more on the Guardian website.