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Mortgage fears quelled following ‘No’ vote

The Scottish referendum on September 18 had slowed the pace of the mortgage market in the country as new and existing homeowners put their plans on hold, but the ‘No’ verdict should now bring a boost to the market, according to the National Association of Estate Agents.

Analysts argued that many buyers were put off buying north of the border as a ‘Yes’ vote may have put them at risk of currency fluctuations. Some even stipulated their offer only stood if the outcome was ‘No’, while others opined that an independent Scotland may struggle to obtain competitive mortgage deals.

The National Association of Estate Agents’ managing director, Mark Hayward, said:

“We can expect to see some positive movement in the Scottish housing market – good news for Scottish estate agents and their customers who can now look forward to a less frenetic housing discussion and market.”

He went on to add that the remainder of the year would see an increase in activity, total sales and investments. While this would impact on house prices in the short term, it would not be as noticeable as a potential rate increase and stamp duty.

One of the benefits of seeking the help and advice of a CeMAP qualified professional is that it provides the homebuyer with a clear, transparent and honest service that is fully explained and matched to their needs. Such professionals also adhere to the strict regulation imposed by the Financial Conduct Authority, so borrowers know that they will not be lent money they are unable to repay.

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