Monday 6th of April 2009
Debt management issues are becomingly increasingly important to homeowners, it has been suggested.
According to Bestinvest, figures showing a reduction of mortgage debts indicate that people are attempting to pay off what they owe more quickly.
Senior investment adviser at the firm Adrian Lowcock explained that this is due to a "lack of confidence" in the economy, as borrowers struggle to get good interest rates without having a large deposit or equity.
Those who find themselves unable to reduce their debt may wish to seek IVA advice, particularly as falling house prices have left many homeowners facing the prospect of negative equity.
Last week, the Bank of England revealed that Britons cut mortgage debts by £8 billion in the final quarter of last year.
Commenting on the finding, Mr Lowcock said: "It highlights that homeowners are more concerned with paying down their debt than they are about trading up the scale."
