03/04/2008
Paul and Kelly Monds wanted to buy the flat they were renting in Edinburgh. But the couple were warned by their bank they would be unlikely to get a mortgage.
Paul, 33, who works in the car industry, and Kelly, 28, a nurse, earn £45,000 between them. They had hoped to buy the one-bedroom flat in Stockbridge when it was put on the market for £200,000.
Kelly said: “I went to NatWest to inquire about a mortgage and they were a bit ‘iffy’ about the whole situation. We realised that our monthly repayments would be more than the £500 we pay in rent.”
David Alexander, head of Scotland’s largest independent residential letting agency, said rents in Scotland’s two main cities had risen by 20 per cent since January because of demand from those unable to purchase a home.
THE SCOTSMAN, 3 April 2008
The guide - top ten: How to land a trouble-free tenancy
Prepare to say farewell to all our Scottish fame
Lenders must take stock of housing
Top Ten - Survival guide for the reluctant landlord
RENTAL PROPERTY MARKET: The perfect property storm
Home rental market now dominated by ‘reluctant landlords’
Three of the best places to view the Festival fireworks
Worrying rise in rental defaults
New-build flats – a paradox of supply and demand
Rental demand soars as house buyers' dreams are shattered
Desperate’ builders turn to renting as house prices fall
Builders turn to rental market as sales fall
Remember the 1990s housing crisis?This is a whole new ball game
Landlords demand higher rent as hesitant buyers ride the credit crunch
Ways for buy to let investors to avoid being crunched by the credit squeeze
It's survival of the fittest for landlords in 'Parliament City'
Housing crisis deepens as city rents soar 20%
Rental properties to the rescue of mortgage-starved couples
David Alexander gives a Sunday Times reader advice on timing
Credit crunch may yet turn out to have a silver lining
David Alexander's reader advice column in The Sunday Times
Even when targeted by the taxman, buy-to-let does pay
Rate cuts will carry few over the threshold
If you thought buying a house in Scotland was tough, just try securing a place in London
David Alexander's reader advice column in The Sunday Times