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The welfare of our clients and staff is always a key priority for Raeside Chisholm. In light of the current circumstances, we are continuing to offer a full range of services, but we are working remotely. You can contact us on 0141 248 3456 and one our solicitors will call you back if necessary, or you can contact us by email.”

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.
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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.

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

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Latest News

20 May 2020
Raeside Chisholm Solicitors News
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The Scottish Government are proposing a loan scheme to provide support for private Landlords covering 100% of the rental income from one property. 

18 May 2020
Estate Agency
The Royal Institution of Chartered Surveyors has urged the Scottish Government to give some clarity on restarting the house buying and selling process, including inspections and valuations. The RICS called on the UK Government last month to expl...
15 May 2020
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A research company has compiled a timeline of Coronavirus and Scotland’s property market from the introduction of social distancing measures in mid-March onwards.  This shows that although viewing and valuation requests began to slow from that p...
12 May 2020
Estate Agency
As we had indicated we believed was likely to be the case in a blog last month, we can confirm that Estate agents are reporting an increase in numbers of house hunters looking to escape the city to a rural area, as people have reached the conclusion ...
07 May 2020
Estate Agency
It is always interesting to see how different factors can affect property prices. Some data has now produced which shows that parents hoping to send their children to Scotland’s best state secondary schools face paying two thirds more for a house in ...
04 May 2020
Estate Agency
Aberdeenshire West MSP Alexander Burnett warns some movers may have bought new homes but been unable to sell their old ones before lockdown measures were introduced, and has called on the Scottish Government to introduce a grace period after lockdown...

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