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Independence may hurt Scottish housing market

Repaying pound- denominated loans in foreign currency may lead to default

Yes or no? Analysts say that a Scotland outside the UK would open the floodgates to the real questions of currency, exchange rates, mortgage risk and property taxation. - PHOTO: AFP

[LONDON] A vote in favour of Scottish independence on Friday threatens to weigh down a booming housing market should thousands of homeowners become debtors of foreign lenders. Political leaders in the UK are sparring over whether an independent Scotland would keep the pound, with the outcome