Mortgage debts still falling

Mortgages are being paid off and the level of borrowing is falling. More people are opting to pay off their current mortgages instead of borrowing from banks. Homeowners are continuing to pay off their mortgage debts instead of borrowing more, according to data revealed by the Bank of England. The Bank's quarterly figures show that borrowers have reduced their collective debt by £6.1 billion, marking the 10th consecutive quarter where mortgage holders have put more money into their home than they've taken out. In a separate Halifax report it was shown that the amount of disposable income needed for mortgage repayments stands at 27% - the lowest figure in 12 years. However, it also highlighted that first-time buyers would need an average deposit of £29,000 to make their first foray into home ownership.