Mort­gages

Argyllshire Advertiser - - PROPERTY FEATURE -

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.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.