The proportion of homeowners income spent on mortgage payments is now one of the lowest in 10 years according to the Halifax. Typical mortgage payments accounted for less than a third of homeowners’ disposable income at 29 per cent in the last three months of 2017 which is down from almost half, 47 per cent during the same period in 2007; house purchasers would have to look back to the 1990s to find a lower percentage.
UK finance, the banking and finance industry body, says there were 8,800 new first-time buyer mortgages completed in Scotland in the last quarter of 2017 which is 3.5 per cent more than in the same quarter in 2016 - up almost 10 per cent to £1.01 billion. The average loan was £106,000.
SINCE 2007, the Low-cost Initiative for First Time Buyers (LIFT) shared equity schemes have helped over 12,000 people to buy a home. It gives people a step up via the open market shared equity Scheme with funding for 10 per cent to 40 per cent of the purchase price. The scheme is aimed at first-time buyers, social rented tenants, disabled people with a housing need, armed forces personnel and recent veterans or their widows or widowers.