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Borrowing drops over job and finance fears
26/10/2011
UK house holders are believed to be restraining themselves from borrowing due to uncertainty over job security and finances.
This is the latest information released by the British Bankers Association (BBA) which revealed the amount of mortgages and unsecured loans that are being approved dropped in September.
But, borrowing on credit cards and overdrafts remain basically unchanged. Credit card lending did appear to increase by £172m but this was mostly due to interest accrued on existing debt rather than new borrowing.
If you are a homeowner aged 55 and over and you find yourself needing to borrow money whether it is for house repairs, to top up your pension or income or simply to make ends meet then equity release may be the answer.
Equity release plans work by releasing money from your property that would otherwise be tied up. To find out how this can help you or to see if you can lower your interest rate on any existing equity release contact the right equity release.
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