Securing first mortgage in Scotland 'is currently difficult'
28-May-2010
Published by Helen Adams
People in Scotland hoping to secure their first mortgage may find conditions tough, with new research showing lending fell by 33 per cent in the country during the first three months of 2010.
The Council for Mortgage Lenders (CML) reveals there were 9,700 home loans to the end of March, compared with 14,700 in the final three months of 2009.
Although the figures are still an increase on the corresponding period 12 months earlier, such a significant and sudden fall may have left potential Scottish buyers frustrated.
Some may wish to take mortgage advice or opt for a shared mortgage, where lending criteria can be relaxed as people are effectively buying only half a property.
Kennedy Foster, CML's Scotland policy consultant, attributes the decline largely to the end of the stamp duty holiday, which expired at the end of 2009.
However, first-time buyers were recently given a boost when the last Budget included the return of the tax break on purchases of homes worth up to £250,000.
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