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Have homeowners seen the light?

Homeowners in the UK appear to be taking a more sensible approach to their spending habits with news of a reversal of the more recent trend towards raising equity by remortgaging part of their property. There has now been a move towards paying off mortgage arrears using spare cash and savings which should hopefully stop the UK debt mountain from growing much further. However, there are concerns about what homeowners will be able to do once their free money and savings have run out.

The record injection of cash into the mortgage market from homeowners has taken many observers by surprise although it is definitely a sensible route for many. However, it is also worth pointing out that professional advice should always be sought in order to ensure that you make full use of your funds available in these troubled times. Many independent financial advisers are seeing an increase in mortgage advice enquiries and general financial planning.

While the current economic downturn will be difficult for everybody there is no reason why, with financial planning, the vast majority of the UK public should come out relatively unscathed. Looking ahead, taking advice and acting as soon as possible are vital for the financial well-being of the UK as a whole.

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