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Mortgage availability boost for Scottish first-time buyers

19-May-2009

The cost of borrowing has reduced for many mortgage holders in Scotland, while "there has been a slow but perceptible increase in the level of mortgage availability for first-time buyers" in the country.

At least these are the views of Professor Donald McRae, chief economist at Lloyds TSB Scotland, who was reflecting on the latest housing survey north of the border.

Scottish property prices have fallen 2.1 per cent over the course of the year, according to the research, and the value of an average property there in the first quarter of 2009 was £148,990.

House purchase transactions were reportedly down 35 per cent when compared to the same period one year before, while there were 39 per cent fewer flat purchases and a drop of 28 per cent in semi-detached sales.

Professor MacRae remarked: "The Scottish housing market continues to adjust to changing circumstances with reduced sales, lower prices, but no precipitous collapse."

Last week, property consultancy Ducalian told first-time buyers in the UK that now is a good time to purchase property.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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There's alot going on! What do you think?

Interest rates are low but could rise? Is this a good time to buy?

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Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

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Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

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Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

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