Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Nearly half of non-homeowning Scots doubt they will ever buy
Almost half of Scottish adults who do not own a home believe they never will, according to new research from Pepper Money. The lender found that 47% of Scots who are not yet on the property ladder feel home ownership will remain permanently out of reach.
That figure rises to 55% among the self-employed, contractors and those with complex or variable income, groups that often face additional hurdles when applying for a mortgage.
Aspiration gap
The research also found that 11% of Scottish adults would like to buy a home but do not believe it is possible.
Pepper Money director of sales Paul Adams said the findings show a clear gap between the aspiration to own a home and what many people in Scotland feel is achievable. He noted that those who are self-employed, have variable income or have experienced credit difficulties can feel particularly locked out of the mortgage market, but said this shouldn't be the case.
Specialist lending push
Pepper Money is launching its first charge mortgage proposition in Scotland and says it will work closely with brokers to help more customers understand what may be possible through specialist lending and what they need to do to take their next step towards homeownership.
What this means for agents and clerks
For letting agents and inventory clerks operating in Scotland, the findings point to a tenant base in which a significant share of renters see home ownership as permanently out of reach. That suggests continued demand for rental stock, particularly among self-employed and variable-income households.
Source: Mortgage Strategy