Many mortgage holders `£200 a month better off`

According to the Bank of England, a quarter of UK homeowners are at least £200 a month better off than this time a year ago, the Telegraph reports.

A survey of 2,000 households found that almost half of all people who make payments towards a mortgage debt have seen their monthly payments fall by more than £100 over the last year, with around a quarter seeing more than £200 knocked off their payments.

The Bank believes the `cushion provided for homeowners against the effects of recession, rising unemployment and the fall in house prices` has helped some householders cope with their debt problems.

However, the Bank `does not minimise` the damage caused by the recession and the credit crisis. Over one in four households with a `non-manual` worker have seen their income drop by more than £100 to an average of £3,981 after covering some of their expenses, such as tax, housing costs, loan repayments and debts.

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