RBS has said that it will provide £1.7 billion worth of mortgages for the Scottish property market over the next 12 months.
Nationalised bank RBS has pledged to boost the Scottish mortgage market to the tune of £1.7 billion over the coming 12 months.
Scottish secretary Jim Murphy welcomed the move from the Edinburgh-based banking giant. He claimed that the investment is a "direct result" of the government's asset protection scheme, which contributed £500 million to the total lending commitment.
RBS said that it would continue to offer support for first-time buyers by providing loans of up to 90 percent. It also revealed that it would pump more funding into the market if there was sufficient consumer demand.
"Our message to customers in Scotland is very clear, we are now more than ever open for mortgage business," said RBS chief executive of consumer banking Paul Geddes. "We hope the latest commitment goes some way to refuelling the Scottish economy and provides borrowers with the financial means to get back on track and realise their plans for the future."
Scottish government finance secretary John Swinney described the plans from RBS as "welcome" and added that effective lending from banks is crucial for Scottish homeowners and businesses. "I hope this will help first-time buyers get on to the property ladder and give Scotland's housing market a lift," he added.
