Monday, 20 August 2012

A leg up the property ladder

When Calton bought his first Edinburgh eyrie it was with a 95% mortgage which was 2.5 times his salary. Those were the days when your banker interviewed you before deciding whether to give you a mortgage and 3 times your salary was the absolute maximum available. Now, the housing market is only open to those with substantial deposits, leaving many young people out in the cold, so the initiative to provide 95% loans on new houses by industry body Homes for Scotland in conjunction with the Scottish Government is to be warmly welcomed. No-one wants to return to the days of irresponsible lending but the pendulum has swung too far the other way, with detrimental effects on the housing market and our building industry. Hopefully this scheme will go some way to redressing the balance and will help more people to get a foot on the property ladder.

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