Affordability for first-time buyers north of the border has been listed as a key area of concern by the incoming chairman of the Council of Mortgage Lenders Scotland.
The organisation, which aims to represent the interest of Scottish mortgage lenders in the property market, has just held its annual lunch at an Edinburgh hotel.
And addressing delegates at the event, Crawford McCaughie, new chairman of the Council of Mortgage Lenders Scotland, explained the importance of providing housing that is reasonably priced.
"While measures of affordability for homeowners remain better in Scotland than elsewhere in the UK, they are nevertheless at record high levels," he said.
Mr McCaughie added that first-time buyers are being forced to stretch their finances further than ever before in order to reach the first rung of the property ladder.
In recent years, several mortgage lenders have introduced new mortgage products designed to specifically appeal to first-time buyers.
Interest-only mortgages, mates mortgages and stepped mortgages are all typically targeted at buyers of first homes who are concerned that may not be able to consistently make repayments on standard mortgage deals.
Council of Mortgage Lenders Scotland set to target affordability
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Council of Mortgage Lenders Scotland set to target affordability
Mon, 12 Mar 2007
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