Statistics from the Bank Of England have shown a decrease in mortgage debt from the last quarter of 2010. The £7bn drop is a record fall in the amount of money owed in mortgages.

The difference in mortgage debt is a massive change from 2006 records when it increased every quarter. Mortgage debt at the end of 2006 stood at 13.2bn.

The current mortgage debt levels now stand at £6.6bn.