Mortgage interest payments for some sectors of society have hit their highest level for 15 years, according to one industry commentator.

New home buyers in Scotland may be interested to read that mortgage interest payment costs for the average first time buyer have reached 18.7 per cent of their income - the highest level since 1992.

This has been attributed to the repeated increases in interest rates, which have risen four times since August to reach 5.5 per cent.

First time buyers are not the only consumers affected by the trend - home movers are now paying an average of 16.3 per cent of the income on mortgage interest - a figure which is also at its highest point for 15 years.

CML director general Michael Coogan remarks: "Month on month we see affordability constraints for first time buyers worsening. And with the impact of May's interest rate rise still to be felt, many borrowers face higher costs in the coming months."

In Scottish housing news, last week the CML warned that the executive may implement section 11 of the Homelessness Act later this year, which would require landlords to notify local authorities when they raise repossession proceedings, allowing the authorities to prepare the potential homelessness of tenants.