Reports from the Bank of England this months states that equity withdrawal ( equity release through a remortgage ) has fallen sharply by almost two thirds. According to the new figures released, equity withdrawal has fallen from almost 14bn during the first quarter of 2007 to just 5bn in the same period this year, the lowest equity withdrawal figures for seven years.
The fall in the equity withdrawal figures is blamed on the global credit crunch which has seem lenders tightening their criteria for lending and as such fewer home owners are able to borrow money to pay for home improvements, pay off debt or simply to provide a little relief as disposable incomes are squeezed. Read the rest of this entry »