New borrower mortgage repayments remain at a low rate in Scotland, new figures have shown.
Provided by Bank of Scotland, the statistics revealed such sums are at their least sizeable as a proportion of disposable earnings for ten years.
It was shown that the average mortgage payment for first-time buyers and homemovers who are borrowing for the first time, when looked at in relation to typical long-term loan to value ratio, came almost to 20 per cent of disposable income in the first six months of this year.
This was markedly lower than the UK average of 26 per cent and represents a continued dip in such levels over the last 12 months – having stood at 23 per cent in the second quarter of 2011.
Nitesh Patel, housing economist at the Bank of Scotland, explained East Ayrshire is the most affordable local authority housing district in the UK, with regions in Scotland also making up the top ten in this regard.
The expert added: “Lower house prices and reduced mortgage rates have led to a significant improvement in housing affordability for those able to fund the necessary deposit to enter the market.”
