Mortgage Payments Rising in UK

The British homeowners have paid about £6.2 billion as mortgage payments during the second quarter of this year which comes 17% increase on the figures reported by the Bank of England for the first quarter of the year.

The total outstanding borrowing of the UK population is about £1.43 trillion which stands for more than the gross domestic product of the country.

Since the last one year, the British people have been overpaying their mortgages against the trend during the last decade when they were raising money as the property values reached its highest figures. Borrowers are taking advantage of the low interest rate prevailing at present to pay off their debts.

This present changes are expected to make UK population on the ill effects of indiscriminate borrowing of mortgages. But only time can tell how far these repayments will make the economy of Britain sustainable and optimistic.

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