A reasonable increase in the number of independent homeowners has raised many eyebrows. A shocking £57.4 billion has been pushed in the market by the homeowners to lay off their debt since second quarter in 2008, as per the Bank of England.

As per a report from the Bank of England, majority of the borrowers have shunned their mortgages by a staggering £7 billion during the last three months which ends on December.

Contrary to the trend observed during the sub-prime crisis in 2008 when people bought houses on the basis of bogus financial credibility, the recent upward movement has revealed that borrowers are not keen on shouldering financial burden for a long time.

With the consistent rise in the mortgage payment in the UK for back to back four quarters , Howard Archer, Chief UK And European Economist at IHS Global Insight, claimed that a radical change in the perception of homeowners to shave off their debt from their balance sheets have been observed in the past few months.

If statistics are to be believed, a 2.7% of the post-tax income is channelized by people to pay their household debts.

Moreover, a significant slump in the saving rate has further strengthened the fact that most of the borrowers are pushing their extra funds in home loan payment rather than pushing consumer spending.