Cheaper mortgage rates 'available in Scotland'

Consumers living in Scotland are currently benefiting from lower mortgage repayments than in other areas of the UK, it has been claimed.

According to David Marshall, business analyst for ESPC, the average house price in Scotland is generally lower, meaning less expenditure is required each month to service a mortgage.

The country as a whole is currently benefiting from low interest rates and those who are already in a home, and have a mortgage, will benefit from lower repayments," he added.

Mr Marshall said house prices have traditionally been low in Scotland for a variety of reasons, including average wages and quality of life.

However, he noted that the trend is reversed somewhat in upmarket areas, such as in Edinburgh, where house values are less affordable.

According to the Council of Mortgage Lenders, home movers in Scotland during the second quarter of 2010 used less of their income to cover their mortgage interest than anywhere else in the UK.

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2010-08-31 12:33:23 © Moneyextra.com