Leader: ‘Better Together’ holds true

Cover24Sept2014

After months of fierce campaigning, the push for Scottish independence is over, with a resounding victory for the No campaign.

The campaign itself had been a huge success in that it had truly captured the imagination of the public – whether you live in Scotland or not. In fact, an estimated 84 per cent were said to have turned out to vote during last week’s polling day.

And while Alex Salmond, who quit after news broke that the No campaign had secured 55 per cent of the vote, failed to secure independence for Scotland, the country was promised additional powers – not the victory he had expected but still a victory of sorts.

Of course, those who wanted independence will be disappointed but it seems the mortgage market has breathed a huge sigh of relief. Given Salmond’s less than convincing economic vision for an independent Scotland, you can see why the mortgage market has embraced the Scottish public’s wish to remain part of the UK.

There were major concerns that a breakaway would have been a disaster for the mortgage market in Scotland, with warnings of rocketing mortgage rates and a real chance that swathes of lenders would stop lending in the country while moving any operations based north of the border to England.

However, now the question of independence has been put to bed, the markets in both countries can continue their recovery – a recovery that has gathered steam over the past 12 months – and any uncertainty for Scottish homeowners has been swept away.

While it may have been hugely overused by the No campaign, the phrase “Better Together” really does hold true for the mortgage market.