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More Scottish first-time buyers

Overall, 4800 loans were taken out by first-time buyers, up from 4000 loans in the previous quarter and 4400 loans in the second quarter of 2011.

By value, first-time buyers in Scotland borrowed £450million, the highest total since the last quarter of 2009.

The increase in first-time buyers in Scotland compared favourably with the UK, where lending to first-time buyers fell by 3% in this quarter compared to the first quarter of 2012.

The rise in first-time buying activity was accompanied by a marginal increase in the percentage of income spent on mortgage payments, but first-time buyers still spent less than in the UK overall.

First-buyers in Scotland spent 17.8% of their income on capital and interest payments, an increase from 17.7% in the previous quarter, but less than the 19.6% overall UK average.

In line with the first quarter of 2012, the loan-to-value ratio (LTV) remained at 80%, up from 79% in the second quarter of 2011.

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