Experienced business advocate and former journalist Liz Barclay appointed to head up government office tackling late payments to businesses appointment.
| UPDATED: 14:47, Sun, Mar 14, 2021
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Savings have been built up across the UK over the last year or so as coronavirus forced millions to work from home. Additionally, the options for what people could spend their money on diminished and fortunately, new research shows many savers have been productive with what they ve done with their money.
Households repay record £17.6bn mortgage debt
By Roger Baird 12
th March 2021 12:17 pm
UK households repaid a record £17.6bn of mortgage debt, while one-in-six mortgage payers have been granted payment holidays by lenders, highlighting the polarisation between homeowners brought on the pandemic.
Households paid back the record sum in the final three months of last year equivalent to £192m a day – “as savings made under lockdown helped some existing borrowers to reduce their debt commitments”, according to trade body the Equity Release Council.
However, 2.75 million households under financial pressure have agreed mortgage holidays, according to a report by banking body UK Finance last month. These deferrals amount to £755 per month of suspended payments on average.