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Help for thousands to scale the housing ladder

A Scottish Government guarantee is enabling Scotland’s big banks, building societies and house building companies to back a scheme that will help up to 6000 households gain easier access to new homes.

Nationwide and the Royal Bank of Scotland are throwing their weight behind the national mortgage indemnity scheme, developed by home-building industry body Homes for Scotland.

In addition, Bank of Scotland/Halifax will offer mortgages through the scheme in the near future. Twelve house builders have signed up for the scheme and more are expected to follow shortly.

The Scottish Government will support the scheme by providing a guarantee.

It will help households across Scotland who could afford a mortgage on a new build property, but are currently locked out due to high deposit requirements.

It will enable credit-worthy borrowers to access 90 to 95% loan to value mortgages from participating lenders to buy new build homes in Scotland, with a maximum sales price of £250,000.