In news that may be of importance to people hoping to sell a property in Scotland, net mortgage lending strengthened last month, according to one organisation.
The British Bankers’ Association’s (BBA) February figures for the main high street banks has revealed that an increase has been experienced in their market share as a result of "strong remortgaging".
In fact, Scottish property owners may be interested to learn that mortgage lending increased from £5 billion to £5.6 billion, reflecting an annual growth of 12.8 per cent.
Mortgage approvals also increased, as did equity withdrawal, although the value of the mortgages authorised decreased slightly.
BBA statistics director, David Dooks, commented: "In an environment of tightening lending criteria, re-mortgaging, either to fix, re-fix or reduce borrowing costs, has been a clear influence on mortgage data in the first two months of this year."
Defaqto commented on the results of the survey, stating that the composition of the mortgage market has changed dramatically over the last year, adding that the market may not change in favour of house purchasing this year.