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Debt management 'a priority for negative equity Brits'

Debt management 'a priority for negative equity Brits'

- Friday, 17 April 2009

More Britons are looking to manage debts as their homes enter negative equity, it has been claimed.

The Council of Mortgage Lenders (CML) explains that, in the past, homeowners who have entered negative equity have prioritised debt management.

In doing so, they have looked to live within their means while still meeting mortgage repayments.

Now, "most of today's borrowers" are also looking to manage debts more closely in light of falling equity.

The CML adds that two-thirds of homeowners are facing relatively modest levels of negative equity.

However, the remaining third are facing greater levels - shortfalls potentially in excess of ten per cent of the value of their home.

This accounts for an estimated 300,000 UK households, the CML notes.

Earlier in the week, the CML revealed that remortgaging numbers have declined, which could be an indication of less opportunity for Britons to move to a more attractive product as part of their debt management.ADNFCR-2300-ID-19125960-ADNFCR
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