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Homeowners repaid an estimated £8.1 billion of their mortgages for the first three months of 2009, bringing the total amount repaid for the year ended March 2009 to £23 billion. This is partly due to low interest rates. Homeowners are now repaying debt rather than taking out more credit. Homeowners have borrowed £300 billion against the value of their homes since 2000. There are signs that the lending criteria is finally being relaxed with mortgages only requiring a 10% deposit returning to the market.
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