Bumper quarter for Scottish loan market
28 August 2009
The Scottish mortgage market had a successful second quarter with 11,400 policies being sold.
That is according to new data from the Council of Mortgage Lenders (CML), which revealed that the Scottish loan market grew by 50 per cent during the period.
Scottish mortgages are slightly more affordable than those in other areas of the UK and on average 14.1 per cent of income is spent on mortgage interest payments, compared with a 15 per cent UK average, according to the CML.
Policy consultant for the organisation Kennedy Foster said: "Lending in the Scottish mortgage market is beginning to stabilise, albeit at very low levels.
"This is encouraging and mirrors the pick up in the housing market. But it will be a slow path to full recovery with significant obstacles presented by the restricted access to mortgage funding, fewer active mortgage lenders in the market, rising unemployment and limited consumer demand."
Members of the CML currently accounts for 98 per cent of all residential mortgage lending in Britain.
By Christian James
Useful Links and Frequently Asked Questions
Loans
Debt Management
Financial News
Faq's