On the back of lower interest rates and lesser mortgage payments, mortgage holders across UK are currently, according to figures shared by the Bank of England, nearly 200 Pounds better off than this time for the previous year.

The figures have been compiled through a survey which involved 2000 households, and reveal that about 50% of all mortgage payers have witnessed a cut in their monthly installments of more than 100 Pounds over the past 1 year. Also, about a quarter have managed to benefit as much as 200 Pounds.

As per the Bank's observation, homeowners across the country have been, during the financially difficult times, comforted by factors such as fall in house prices, which has made it easier for them to cope with debt related issues.

The release of the survey figures have coincided with the Bank's announcement that is would continue with its 200 Billion Pounds Asset Purchase Program and keep the base rate at a mere 0.5%, a news which has managed to delight everyone.

"The raft of fixed rate reductions being made across the mortgage market this week are undoubtedly going to be a welcome Christmas present for anyone who has been holding out for a fixed rate deal", said Drew Wotherspoon, of John Charcol.