Scottish mortgage lending 'increased in Q3'

Posted: 24 Nov 2011 12:31:04 GMT

House purchase lending north of the border rose by eight per cent in the third quarter of 2011.

Scottish mortgage lending witnessed an increase across the third quarter of 2011, new research has shown.

According to figures provided by the Council of Mortgage Lenders (CML) Scotland, house purchase lending rose by eight per cent during the three-month period.

It was found that 12,400 such arrangements were taken out during the spell, which was up on the 11,500 reported for the previous quarter.

In addition, mortgages for first-time buyers north of the border escalated seven per cent by volume and ten per cent by value, while home movers took out loans to the tune of £1,033 million.

Kennedy Foster, policy consultant at CML Scotland - which is the trade association for the mortgage lending industry and a not-for-profit group - said the organisation anticipates "growth is likely to remain slow going forward, although welcome developments, such as smaller deposits, have emerged and a Scottish mortgage indemnity scheme for new build properties is being introduced".
 

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