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Mortgage holders are 'better off'
UK mortgage holders are £200 better off than they were a year ago, it has been claimed.
According to new figures released by the Bank of England, which was based on a survey of 2,000 property owners, almost half of all homeowners have seen their monthly repayments fall by more than £100 in the past year.
The average fall in cost for people with mortgage commitments is £130, the Bank of England states.
According to the financial institution, the fall in cost is a boon to many homeowners and will help them cope with the effects of the recession – which has boosted unemployment and caused a drop in the value of property.
The Bank of England states that mortgage holders will benefit from being better able to cope with any debt problems they have as a result.
According to the Daily Express, a price war among lenders was partly responsible for the falling rates.