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Help to Buy Scheme Helps Scottish House Buyers

Around 1,000 people in Scotland have bought a new home through the UK Government’s Help to Buy mortgage guarantee scheme, according to new Government figures. The majority (80%) of these home purchasers were first-time buyers.

The Help to Buy mortgage guarantee scheme appears to be supporting responsible lending, says the Government, with the average house in Scotland bought under the scheme costing around £112,000, which is 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 apparently just under 3x salary. In total, over £107 million of mortgages have been lent under this scheme in Scotland.

“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,” commented Chief Secretary to the Treasury, Danny Alexander. “Today’s figures show Help to Buy is working particularly well in Scotland.”

Contains public sector information licensed under the Open Government Licence v2.0.

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