More cheap mortgages obtained inScotlandduring second quarter

People buying property in Scotland have found it easier to obtain cheap mortgages than their counterparts south of the border, new figures have shown.
 
Research published by the Council of Mortgage Lenders has found that 11,300 loans for house-buying were taken out in Scotland in the second quarter, a 42 per cent rise in volume.
 
In contrast, the UK saw a 26 per cent increase in volume and a substantially lower rise in total value, despite Scotland's proportion of the total house purchase loans remaining static.
 
Kennedy Foster, policy consultant for the Council of Mortgage Lenders Scotland, said that the results are positive but are still being affected by the uncertain economic outlook.
 
He said: "We have seen the expected seasonal increase in mortgage activity in Scotland in the second quarter of 2011, but levels of mortgage activity remain at low levels by historical standards."
 
In other news, figures published by Lloyds TSB have shown that Scottish house prices have risen by 0.4 per cent in the last 12 months and are now at the level they were in at the start of 2008.

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2011-08-24 12:43:33 © Moneyextra.com