BOE identifies mortgage equity withdrawal trend

5th October, 2005

More Britons are unlocking the cash stored in the value of their homes says a new report from the Bank of England.

Mortgage Equity withdrawal, or the money taken out of homes, has risen to £8.7 billion over the first three months of the year.

The bank measures the figure by counting how many people make withdrawals from their property that is not reinvested back into a house.

A home is an important asset, and it is essential that homeowners look after their investments with home insurance.

Home insurance will cover Brits in the event of unforeseen accidents such as storm damage, flooding and fire.

Buildings insurance will protect the structure of a home, while contents insurance will look after possessions in a home in case of burglary.

The Bank of England's data reveals that homeowners have borrowed £198 billion since 2000, showing the importance of protecting the home with home insurance.

 

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