paper we study the effect of this developmenton the demand for second mortgages and on the savings of Dutch households. We … investigatethe effect of house prices on (i) the number and size of second mortgages, (ii) the savingsof owner-occupiers and (iii … for second mortgages.Savings of homeowners decrease when house prices accelerate. We find no evidence that inc …

significantly related in some economies, but the relationship is driven by consumer credit, not by mortgages. Results therefore … lower mortgages …