According to Scottish mortgage news today, the total number of mortgage loans advanced during 2009 was the lowest since records began, back in 1993. The Council of Mortgage Lenders reported a 23% slump on 2008 figures, with just 47,000 mortgages being approved in Scotland. This figure includes remortgages and homebuyers.

However, despite the gloomy statistics, there was an upward trend towards the end of the year. The final quarter recorded a strong upward momentum, stronger in fact than 2008 figures. The pickup reflected a general improvement across the country, although Scotland did fall behind England and Wales.

CML Scotland policy consultant Kennedy Foster reportedly said: Funding conditions remain challenging, economic recovery is fragile both in Scotland and in the UK as a whole, and with little likelihood of interest rates rising this side of an election, many on low variable rates have little incentive to remortgage .