Positive Home Loan Figures in Scotland

Fri, 27 Aug 2010

The Council of Mortgage Lenders (CML) has revealed an increase in the number of loans issued to first time buyers in Scotland during the second quarter of 2010. A total of 4,700 mortgages were approved by banks and lenders for first time buyers between April and June, representing an increase of 18 per cent on the previous three months. There was an even bigger rise in the value of the loans, which increased by 27 per cent to £419 million.

The figures paint a picture of relative prosperity in Scotland compared to the rest of the UK. Indeed, there was a greater increase in the number of loans approved overall in Scotland than elsewhere in the UK, while the CML also revealed that home movers in Scotland used up less of their income on mortgage payments than those elsewhere in the UK.

The CML did, however, note that remortgage levels remain ‘extremely subdued’ in Scotland, as with the rest of the UK, while CML Scotland policy consultant Kennedy Foster was wary of becoming too optimistic too quickly. Foster warned that regulatory and funding pressures will continue to afflict the mortgage market, and warned borrowers not to expect the current trends to continue for the rest of 2010.
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