CML: Scot homeowners come out on top of credit crunch

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CML: Scot homeowners come out on top of credit crunch

Mortgage holders in Scotland have fared better than homeowners in the rest of the UK, new figures from the Council of Mortgage Lenders (CML) has said.

The body has revealed that the country's share of all house loans for purchases increased to 11 per cent from eight per cent in the first quarter of 2008.

CML Scotland policy consultant Kennedy Foster stated that affordability of property and mortgages is better north of the border, which has meant borrowers have been "less affected" by the housing market problems.

"The Scottish government could help to underpin confidence at this uncertain time by increasing their investment in both the new-build and Open Market HomeStake schemes," he said.

Mr Foster added that money proposed for first-time buyer grants would be better used for HomeStake schemes.

The Bank of England revealed yesterday that the slump in mortgage approvals has hit a new low.ADNFCR-323-ID-18621834-ADNFCR

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