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Scottish borrowers spending less on their mortgages

The proportion of income needed by Scottish borrowers to pay their mortgage each month fell to a 14-year low in Q2.

The Council of Mortgage Len-ders revealed last week that borro-wers in Scotland used just 9.3% of their income to service their loans, the lowest share since 1996.

Some 12,700 loans for house purchases worth £1.4bn were advanced in Scotland in Q2, up from 9,800 worth £1.1bn in Q1.

This was a larger increase than that seen in the UK as a whole but Q1 had been artificially weak across the whole country due to the end of the stamp duty holiday at the turn of the year.

Kennedy Foster, policy consul-tant at CML Scotland, says: “It’s encouraging that mortgage interest payments as a share of income costs the least out of any region.”


Life cover sales up as brokers get into cross-selling mode

Insurers say research showing only one-third of new mortgages are without life cover is a sign that brokers are starting to offer more cover. Last year the Association of British Insurers recorded 636,973 new mortgage-related life assurance policies written, but the Council of Mortgage Lenders recorded 925,000 new mortgage advances. Financial research firm Defaqto says […]

Geraint Chamberlain

Why ‘letting go’ is the new control

As the marketplace hots up, outsourcing is experiencing near double-digit growth, with lenders looking to future-proof their firms and retain their competitive edge, says Geraint Chamberlain, head of consultancy at Target Group


Employers fined £52,500 for auto-enrolment failings

By Jamie Clark, Business Development Manager The Pensions Regulator (TPR) has taken the step of naming and shaming employers that have been served County Court Judgments (CCJs) for non-payment of auto-enrolment fines. We take a look at what this means for employers, their employees and advisers Shamed into action? Sixty-four employers have been served CCJs […]


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