Mortgage affordability comes out best in Scotland for Q4 2016 says Bank of Scotland

In the latest Bank of Scotland Affordability Review which tracks mortgage affordability for homeowners across Scotland, they state that the proportion of disposable earnings devoted to mortgage payments, for both first time buyers and homemovers in the UK in quarter four (Q4) of 2016 was lowest in Scotland, mortgage payments were 19.8% of disposable earnings, compared to 29.7% for the UK.

Graham Blair, Mortgage Director at Bank of Scotland, commented: “Scottish homeowners have seen a decent improvement in housing affordability since 2007 as record falls in mortgage rates have offset higher house prices. As a result mortgage payments account for a lower proportion of disposable earnings than anywhere else in the UK.

“The significant reduction in mortgage payments by a typical borrower has resulted mostly from record low rates that have provided monthly savings of, on average, around £225 when compared to payments in 2007.”

Read the Bank of Scotland Affordability Review released January 3rd in full click here

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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