Question reference: S6W-24735
- Asked by: Paul Sweeney, MSP for Glasgow, Scottish Labour
- Date lodged: 25 January 2024
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Current status: Answered by Paul McLennan on 7 February 2024
Question
To ask the Scottish Government what its response is to reports that some people buying a home through the New Supply Shared Equity scheme have experienced financial uncertainty, including by having to reapply for a mortgage at a time of higher interest rates, as a result of extensive delays to The Victoria development in Glasgow.
Answer
The Scottish Government sympathises with those who are experiencing financial uncertainty as a result of delays in this development, either due to a change in personal circumstances or having to arrange a new mortgage agreement. We are aware that the increase in mortgage rates will make it more difficult for many purchasers across the housing market to both obtain mortgage lending or access it due to a decreased number of products available, even with the financial assistance available through New Supply Shared Equity.