British property owners are still throwing extra cash at their mortgage debt, encouraged by continuing BoE record low interest rates and the slowdown in the UK housing market.

UK mortgage debt fell by a record £9.1 Billion (GBP) in the second quarter of 2011 as consumers decided to improve their financial position amid uncertainty about the health of the economy and job fears, this trend continued into the 3rd Quarter of the year as well.

With savings accounts offering small returns thanks to the Bank of England (BoE) keeping base rate at a record low of 0.5% yet again, UK property investors, landlords and homeowners have used any available spare cash to make inroads into their mortgage debt.

The number of people drawing on the equity in their homes has fallen every quarter since spring 2008, with the second and third quarters seeing housing equity withdrawal hit its highest negative figure since records began in 1970

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