Translate this site

enzh-CNzh-TW

Raeside Chisholm Solicitors

The directors of Raeside Chisholm are experienced solicitors who enjoy a deserved reputation in Glasgow and beyond for personal attention allied to a commitment to outstanding levels of quality legal services. For enquiries, please contact us on 0141 248 3456.

Mortgages More Affordable in Scotland than Rest of UK

New research by Bank of Scotland has revealed that homeowners in Scotland pay a fifth (20%) of their disposable income towards their mortgage each month. This proportion has almost halved compared to 2007. 

Disposable income spent on mortgage payments in Scotland is 9% less than the rest of the UK (29%) making it the second most affordable place in the UK after Northern Ireland (19%). Mortgage affordability has only marginally deteriorated (19.7% in 2016 to 20.1% in 2017), despite the first interest rate in recent years and house prices in Scotland rising by 7% in the last 12 months.

Five out of the ten most affordable Local Authority Districts (LAD) in the UK are in Scotland. Inverclyde is now Scotland’s most affordable location and is the UK’s second most affordable after Copeland in North West England. Inverclyde made the jump from fifth most affordable at the end of 2016 to Scotland’s most affordable with mortgage payments taking up 15.7% of disposable income. North Ayrshire (15.9%), West Dunbartonshire (16.2%), Renfrewshire (16.4%), and East Ayrshire (16.6%) also feature in the UK’s ten most affordable locations.

Over the last 12 months there has been a 7% increase in house prices in Scotland which has led to a marginal decrease in mortgage affordability. However, the recent increase in the Bank of England base rate at the end of last year appears to have had little impact on mortgage rates so far. Bank of Scotland highlights however that if rates were to rise over the course of 2018 this could impact the 46% of UK households who have a mortgage either on a standard variable rate or tracker rate with potentially higher payments.

Contact Us

For expert legal advice on buying residential property in Scotland then contact our specialist conveyancing solicitors today.

Increase in Take up of Invoice Finance and Asset-B...
Study Finds Link Between Divorce and Genetics

Online Enquiry

  1. Name(*)
    Please let us know your name.
  2. Email(*)
    Please let us know your email address.
  3. Daytime Tel. No.
    Please enter your daytime telephone number.
  4. Subject(*)
    Please write a subject for your message.
  1. Message(*)
    Please let us know your message.
  2. Please tick below for antispam verification (*)
    Invalid Input

Latest News

15 April 2018
Commercial
New figures released by UK Finance have revealed a 5% increase in invoice finance and asset-based lending in 2017, taking the total to £23.4 billion at the end of the year. The number of clients using this form of business funding remained stable at ...
10 April 2018
Estate Agency
New research by Bank of Scotland has revealed that homeowners in Scotland pay a fifth (20%) of their disposable income towards their mortgage each month. This proportion has almost halved compared to 2007. ...
15 March 2018
Family Law

A recent study has attempted to answer the question of why divorce is often seen to run in families. 

13 March 2018
Estate Agency
The latest UK Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS) has revealed that housing market activity in Scotland was generally flat in February, as a shortage of properties becoming available for sale continued t...
06 March 2018
Commercial
The latest Business Barometer from Lloyds Bank Commercial Banking has revealed that business confidence – an average of business prospects and economic optimism - in February has slightly decreased from 35% to 33%. However, this remains above the lon...
23 February 2018
Commercial

The UK Government has introduced new laws that it says will protect company directors from identity fraud and personal harm. 

As featured in

Latest Tweets

Connect with us

     

Recent Client Comments