Report homes in on mortgage burden

A Bank of Scotland report has revealed that the Borders is the fifth least affordable area for Scots buying their first home.

The study showed that first-time buyers and those taking out new mortgages have 23.9 per cent of their disposable income taken up by mortgage repayments – the fifth highest in Scotland. Borders MSP John Lamont said: “We need to do more to help and encourage first-time buyers to invest in our housing market.

“We need to ensure that mortgage repayments become less of a burden, and to achieve this banks will have to take steps towards offering lower repayment schemes. The housing industry in the Borders is vital for our local economy, but we are discouraging new borrowers by being unaffordable compared to other areas of Scotland. The banking industry has the power to help this situation.”