Mortgage News
Average household carries £111,793 of mortgage debt
The average outstanding mortgage debt held by each UK household hit £111,793 in August, according to research by Credit Action.
The charity said that across the UK’s 11.2m households with mortgage debt, outstanding secured lending reached £1.256trn at the end of the month.
This figure was up year-on-year from the £1.242trn figure posted last August.
The average amount owed by each UK adult was £28,754, a figure which includes mortgages and is marginally down on July’s number of £28,770.
Credit Action found this debt was around 117% of average earnings. Excluding mortgages, the average household debt stood at £5,949.
The study also reported that a property was repossessed every 15 minutes 30 seconds during the last quarter.
What mortgage and protection advisers should take from the FCA’s AI stance
Sponsored by Sesame Bankhall Group
Banks and building societies wrote-off £1.15bn in loans to individuals during the past year, that figure included £567m of credit card debt. This equalled a daily write-off of £12.52m.