Help to Buy mortgage guarantee scheme opening up home ownership in Scotland
30 May 2014 01:06 PM
Over 1,000 people in
Scotland have bought a new home through the UK government’s Help to Buy
mortgage guarantee scheme.
New stats show how Help to Buy
is opening up home ownership for hundreds across Scotland and
supporting the government’s long term plan to help hardworking people
secure a better future for their families.
957 households in Scotland have
already taken out a mortgage and purchased a house using this UK government
scheme, the overwhelming majority of these (80%) were First-time
buyers.
The Help to Buy mortgage
guarantee scheme is supporting responsible lending, with the average house in
Scotland bought under the scheme costing around £112,000 well below the
average Scottish house price of £180,575. The average house price to
income multiple in Scotland, under the mortgage guarantee scheme, is just under
3x salary.
Access the official
statistics for the Help to Buy mortgage guarantee scheme in
full.
In total over £107 million
of mortgages have been lent under this UK government scheme in Scotland.
Today’s figures show use of the mortgage guarantee scheme has been
particularly concentrated in Scotland where house price growth remains below
the UK average. Nearly 1 in 7 households using the scheme were in Scotland
whereas only 1 in 12 mortgages completed in the UK were in Scotland. 6 of the
top 10 areas across the UK using the scheme were in Scotland.
Chief Secretary to the Treasury,
Danny Alexander, said
I am delighted that over 1,000
people in Scotland have already moved on or up the housing ladder as a result
of the UK government’s mortgage guarantee scheme. Today’s figures
show Help to Buy is working particularly well in Scotland.
Help to Buy is another real
example of how we are better off together. By pooling our resources and taking
advantage of economies of scale the government is delivering on its commitment
to make home ownership a reality for as many households across the country as
possible.
Help to Buy mortgage
guarantee
Number of completions in
Scotland |
957 |
Average (mean) value of property
(£) |
112,483 |
Percentage of First Time
Buyers |
80% |
Average (mean) borrower
income |
£41,066 |
Mortgage guarantee as % of
regional lending |
2.4% |
Find out
more about Help to Buy