Personal Finance

personal-finance1

Will my mortgage rate be affected?

Banks base their mortgages on the interest rate set independently by the Bank of England, which in a sterling zone would be exactly the same for Scotland as for the rest of the UK, just as it is now.

Will my bank deposits and other financial products still be protected?

Yes. An independent Scotland will have effective protection for bank deposits and other financial products, maintaining the level of protection currently provided by the Financial Services Compensation Scheme. An independent Scotland will comply with EU rules to provide a deposit guarantee of a minimum of €100,000 (£85,000).

What will happen to my ISAs?

Savings products like ISAs will continue and the money you have in the bank will be protected by law in the same way as today.

personal-finance2

What will happen to my bank account?

Where you have financial products with companies, like banks, these arrangements will continue.

Within the Sterling Area, your current account or savings accounts, or your credit cards and mortgages, will continue to be based on the Bank of England base rate which will be the same across the Sterling Area.

What will happen to house prices?

House prices are volatile at all times – and for a variety of reasons.

No one can say with even the slightest degree of certainty what will happen to house prices between now and independence day on 24 March 2016. Nor could they predict what way they will go after that.

What we can say is that, like many other dire warnings about the impact of the independence debate (such as inward investment) there has been no negative impact on house prices..

“The enthusiasm of property investors suggests the independence debate is having no impact on confidence within the Scottish housing market. Scottish prices were up £1,680 in January,”

Donald MacLellan, chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services.

Would the minimum wage be scrapped in favour of a living wage?

This is a policy issue thus one for the Government of the day.

Independence merely allows Scotland the power to ask this question. It does, however, seem extremely anomalous that a country as wealthy as Scotland has within it working people who are paid less than the wage deemed to be the minimum required to live on.