View more on these topics

Future looks healthy for mortgage lending in Scotland, says CML

Affordability is much better in Scotland than in the UK as a whole, the CML claims.

Despite this, Scotland has the lowest proportion of homeownership in the UK – although it is rising rapidly. These are some of the findings of a review of the Scottish housing market contained in the CML&#39s National Markets Review 2002/2003.

Scotland has more than 1.1 million mortgage borrowers, with mortgage lending of £47.5bn. 10% of all mortgages in the UK are in Scotland, but their value accounts for only 8% of the UK total. This reflects the fact that prices are lower than the UK average. During the first half of this year, £5.7bn was lent on mortgage in Scotland, and this was 6% of all new mortgage lending in the UK.

David Chalmers, chairman of CML Scotland, says: “Homeownership has been rising faster in Scotland than in the other parts of the UK. With 63% of Scottish households now owning their homes, we have not yet reached the UK average of 69% and there is still significant pent-up demand. This means that mortgage lending in Scotland looks set to remain a growth area for the foreseeable future.”

Recommended

APS offers proc fee rise across entire Amber range

APS Europe mortgage club has increased the procuration fees it pays to introducers who submit business to Amber Home Loans. Intermediaries will now receive 0.35% for completed buy-to-let cases with Amber, which offers a LIBOR linked product (LIBOR plus 1%) with a current pay rate of 5%. There&#39s a £195 arrangement fee and there is […]

New lender, Abacus says &#39you can count on us&#39

The mortgage industry will see the launch of its latest branded lender next week with the launch of the firm Abacus Permanent.Abacus, which will initially be funded by Bristol & West and Preferred Mortgages, will unveil a product range including full status, self-certification, buy-to-let, right-to-buy and adverse credit at the Mortgage Business Expo 2002, at […]

John Stewart elected as CIB president

John Stewart FCIB, deputy group chief executive of Barclays, took over from Ian Harley as president of the Chartered Institute of Bankers (CIB) at the recent AGM. With 25-year&#39s experience in the financial services industry at the Woolwich, Stewart has been a key driver in developing innovation within the bank. He was instrumental in developing […]

Park Row Group fuels recruitment drive with lead generation schemes

Park Row Group aims to recruit 50 advisers to support its rapidly expanding lead generation programme. The national financial advice group is developing new business opportunities through lead generation partnerships and is now generating around 5,000 leads every month which are fed directly to advisers at Park Row Associates and Park Row Independent Mortgages. In […]

Newsletter

News and expert analysis straight to your inbox

Sign up