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95% mortgage scheme goes from strength to strength

The MI New Home 95% mortgage scheme, which aims to help house buyers overcome the barrier of high deposit requirements, continues to go from strength to strength with the announcement that a new round of builders have signed up to the initiative.

As well as significantly increasing the options available to those looking to move onto and up the housing ladder, this also means that the Scottish Government-supported scheme has more than doubled in size since its launch in September last year as A & J Stephen, Cruden Homes, Muir Homes, Bett Homes and Discovery Homes (Scotland) Ltd take the number of builders participating in the scheme to 25.

The scheme enables credit-worthy buyers, whether they are looking to make their first purchase or move to suit changing lifestyle requirements, buy a new build home up to £250,000 with only a 5-10% deposit. And with rates from participating lenders continuing to drop, buying a new home is now even more attractive.

MI New Home also now offers the option of part exchange, helping to remove the problem and stress of finding a buyer for existing home owners.

Philip Hogg, Chief Executive of home building industry body Homes for Scotland which developed MI New Home (right), said:

“Helping buyers achieve their home ownership aspirations, this latest announcement provides another welcome boost to a still fragile industry. Whether creating and safeguarding vital construction jobs or stimulating wider economic recovery, the benefits surrounding the scheme are significant.”

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