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'Small improvements' in Scottish mortgage lending
Scottish mortgage lending has increased in the third quarter – but at a lesser rate than the rest of the UK, according to data released by the Council of Mortgage Lenders (CML).
According to the CML, 12,400 loans were taken out – an increase of 900 quarter-on-quarter, representing an 8 per cent rise.
However, this is only half the increase experienced by the rest of the UK, where lending for house purchase rose by 16 per cent compared to last quarter.
CML Scotland policy consultant Kennedy Foster said: “The mortgage market in Scotland is currently stable, albeit at a low level.
“We anticipate growth is likely to remain slow going forward, although welcome developments – such as smaller deposits – have emerged and a Scottish mortgage indemnity scheme for new-build properties is being introduced.
“The uncertain economic outlook and low levels of consumer confidence will likely result in a continuing constrained mortgage market in Scotland, as in the UK in general.”
There were a total of 4,600 loans advanced to first-time buyers (FTBs), worth a total of £429 million. This represents a 7 per cent rise by volume and a 10 per cent increase by value.
On average, FTBs borrowed 80 per cent of their property’s value – a 1 per cent increase, which means that the average LTV ratio in Scotland now equals that of the UK.
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