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FTBs in Scotland 'still struggling with slower-than-average mortgage market'

25-Feb-2010

Would-be first-time buyers (FTBs) in Scotland may be amongst the most likely to turn to shared mortgages and shared equity deals, with the traditional mortgage market still slower than elsewhere in the UK.

Despite the Council for Mortgage Lenders (CML) confirming that 14,200 home loans were handed out north of the border during the final quarter of 2009, the country is still lagging behind England, Northern Ireland and Wales.

With mortgages difficult to come by, alternative routes to the first rung of the property ladder may be popular in Scotland.

CML Scotland policy consultant Kennedy Foster says: "We do not anticipate an increase in lending activity immediately. Funding conditions remain challenging, economic recovery is fragile both in Scotland and in the UK as a whole."

The number of FTBs in the country remained stable at 5,400 during the three-month period.

The CML recently reported that mortgage lending is at its lowest level since 2000, with a 32 per cent fall recorded in January.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

FTBs 'squeezed out of property market by lending restrictions'
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